Page 40 - 期货和衍生品行业监管动态（2024年3月）

期货和衍生品行业监管动态

the EU.

? Respondents identified a wide range of both potential costs and benefits of a

shortened cycle, with some responses supporting a thorough impact

assessment before deciding.

? Respondents provided suggestions around how and when a shorter settlement

cycle could be achieved, with a strong demand for a clear signal from the

regulatory front at the start of the work and clear coordination between

regulators and the industry.

? Stakeholders made clear the need for a proactive approach to adapt their own

processes to the transition to T+1 in other jurisdictions. Some responses

warned about potential infringements due to the misalignment of the EU and

North America settlement cycles, that ESMA is currently assessing.

Next steps

ESMA will continue assessing the responses received, including the demands for

regulatory/supervisory guidance. ESMA aims at including lessons learnt from the

North American move to T+1 as well as any further feedback received from

stakeholders in the APAC region, from small and medium market participants and
retail investors and their representatives.

ESMA intends to deliver its final assessment to the European Parliament and to

the Council before 17 January 2025.

https://www.esma.europa.eu/press-news/esma-news/t1-feedback-report-shows-mixed-

impacts-shortening-settlement-cycle-eu

11. 关于修订后的《欧盟金融工具市场条例》规则手册的过渡安排（2024 年 3

月 21 日）

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