In little more than a month, Europe’s securities markets will be facing one of the most significant operational challenges for some time, with the introduction of shorter settlement cycles.

The switch, set for October 6, will shorten the time for the exchange of securities and cash following a trade to two days, known in the industry as T+2, from the three days used in most European markets. Presently, Germany, Bulgaria and Slovenia are the only markets in the EU that settle on a T+2 cycle.