Euroclear, HSBC Unveil AutoFX Ahead of T+1 Shift

European Union and UK securities markets are scheduled to shorten their settlement cycle from T+2 to T+1 on Oct. 11, 2027, requiring trades to settle one business day after execution. The change is intended to improve market efficiency, reduce counterparty risk and strengthen resilience, but will leave cross-border investors less time to arrange funding, manage liquidity and obtain the currencies needed for settlement, increasing pressure to automate post-trade operations.

Euroclear and HSBC announced their AutoFX partnership on Sept. 1, 2026, with the service due to become available in early 2027 and initially cover more than 30 currencies. AutoFX will embed HSBC’s FX pricing, conversion and liquidity capabilities into Euroclear’s securities-settlement process, automatically sourcing required currencies. Clients will also receive an execution dashboard, intraday FX fixing points and transparent pricing. The companies disclosed no fees, projected transaction volumes or customer names.