The European Securities and Markets Authority (ESMA) on Tuesday launched a consultation on revised guidelines for allocations and confirmations, proposing mandatory electronic messaging standards ahead of the EU’s move to T+1 settlement.
The updated guidelines would require firms to use electronic, standardised communication channels and international messaging standards for post-trade allocations and confirmations. References to non-electronic methods, including oral allocations and confirmations, would be removed except during temporary technical disruptions.
ESMA said the changes are designed to make post-trade communication “faster, clearer and more consistent across the EU.”
The regulator proposed a 7 December 2026 application date for the revised guidelines, ahead of the EU’s T+1 go-live on 11 October 2027. Stakeholders have until 7 July to submit feedback, with ESMA expecting to publish a final report by October 2026.
The consultation comes ahead of the European Commission’s formal endorsement of the underlying RTS on settlement discipline. ESMA published its final report recommending machine-readable formats and phased implementation in October 2025. The consultation sets out how T+1 policy will translate into day-to-day messaging requirements for market participants.
