EU regulators said on Tuesday that speeding up the development of EU financial markets should be a top priority. The European Securities and Markets Authority, the European Commission and the European Central Bank issued a joint statement saying that through the “T+1” system, the settlement time for securities transactions will be shortened from two days to one day, which will bring significant benefits and cost savings. The securities transaction settlement cycle in some countries, including the US, changed to T+1 in May. A statement on Tuesday said, “If the EU wants to avoid the negative effects of extending and expanding inconsistent with major international jurisdictions, there is an urgent need to act. It is necessary to speed up all aspects of technical work to pave the way for the future implementation of the T+1 system in the EU.”

EU regulators said on Tuesday that speeding up the development of EU financial markets should be a top priority. The European Securities and Markets Authority, the European Commission and the European Central Bank issued a joint statement saying that through the “T+1” system, the settlement time for securities transactions will be shortened from two days to one day, which will bring significant benefits and cost savings. The securities transaction settlement cycle in some countries, including the US, changed to T+1 in May. A statement on Tuesday said, “If the EU wants to avoid the negative effects of extending and expanding inconsistent with major international jurisdictions, there is an urgent need to act. It is necessary to speed up all aspects of technical work to pave the way for the future implementation of the T+1 system in the EU.”