T+1 Settlement Cycle Reduction Playbook for Spain

This document is a guide detailing the transition to the T+1 settlement cycle in Spain, set for October 11, 2027. It outlines the collaborative efforts led by BME, in partnership with Deloitte and various financial entities, to prepare for this significant change. The playbook presents a structured approach to analyze the impacts of the transition, focusing on key areas such as trade processing, corporate actions, liquidity management, and asset management. It emphasizes the need for real-time automation, enhanced coordination among market participants, and rigorous validation processes to ensure smooth operations. The document also identifies the main actors affected by the transition and provides a roadmap for implementation, including gap analysis and the definition of operational requirements. By addressing the implications of T+1, this playbook serves as a practical resource for Spanish entities to navigate the upcoming changes effectively.