The UK has announced that it will switch to next-day settlement (T+1) by 2027, which prompted the calls.

The taskforce applauded the UK's approach in its statement, which said that simultaneous adoption might be taken into consideration if the EU committed to T+1 in a timeframe that matched its own.

The US, which plans to begin T+1 settlement in May 2024, is credited with igniting the transition to T+1.

As a result, the UK, Switzerland, and the EU are considering synchronizing with the same cycle to avoid incurring expensive delays in securities transactions.

Therefore, in order to minimize any potential disruption, the taskforce is trying to secure some cooperation between the various regulators.

"We expect that date alignment will minimize scoping issues related to instruments listed, traded, and settled across geographical Europe, and reduce the complexity of implementation projects for firms active across multiple jurisdictions," the European task group stated in a statement.

"We all share the goal of creating an integrated, safe, resilient, low-cost post-trade environment with high levels of automation and standardization that supports Europe's globally competitive securities markets."