Navigating the T+1 Landscape Podcast Episode 1

This document is a podcast episode that discusses the transition to a T+1 settlement cycle in the European Economic Area, the UK, and Switzerland, scheduled for October 2027. The episode outlines the complexities of this transition, particularly in relation to foreign exchange (FX) and time zone challenges. It features insights from Michele Pitts and Diana Shapiro, who emphasize the significant operational changes required for firms to adapt to the reduced time for post-trade operations. The conversation highlights the differences between the North American and European markets, particularly the fragmented regulatory environment in Europe and the implications for FX transactions. The episode also addresses the risks associated with non-CLS eligible currencies and the potential for settlement failures. Additionally, it discusses the challenges faced by Asian and US investors due to time zone differences and the need for firms to implement thoughtful strategies to navigate the T+1 landscape effectively.