ECB's Cipollone Links Europe's Move to T+1 Settlement With Securities Tokenisation and Infrastructure Change

Keynote at the T+1 industry event

Piero Cipollone, a Member of the Executive Board of the European Central Bank, delivered a keynote address at an EU T+1 Industry Committee event titled "One year to T+1". The event was held in Frankfurt am Main on 29 October 2026. The Bank for International Settlements published the address on 2 November 2026.

Themes of the address

According to its title, the speech covers three connected topics: next-day securities settlement, tokenisation, and the transformation of Europe's financial infrastructure. The event name points to a settlement shift that market participants are preparing for, with one year remaining at the time of the speech.

The published excerpt gives only the speaker, the event and the headline themes. It does not set out specific policy measures, technical details or timelines beyond what is stated above. Readers who want the full argument should consult the complete text of the address.

Why it matters for markets

Settlement conventions and market infrastructure are part of the plumbing of financial markets. Speeches from central bank officials on these subjects help show how authorities view the evolution of that infrastructure in Europe.

Notes for EA trading

Infrastructure and settlement topics are usually not tied to sharp short-term price moves. Even so, speeches and official publications can coincide with periods of thinner liquidity or wider spreads. Traders running EAs may want to check the economic calendar and consider pausing automated systems around major releases.