The Race to Atomic Settlement.
Can the UK Lead?

Automation, interoperability and the UK's path
from T+1 to atomic settlement.

The gap between market ambition and operational reality

More than eight in ten (83%) UK post-trade professionals say their firms are fully prepared or on track to meet the UK's October 2027 T+1 settlement deadline, but only 32% describe their operations as fully prepared today, according to The Race to Atomic Settlement: Can the UK Lead?, a new whitepaper from Tokenovate.

The report, based on a survey of 250 senior post-trade professionals in the UK, reveals a market in which confidence is running ahead of operational readiness. But the gap between market ambition and operational reality extends beyond T+1.

99%
of respondents reported at least partial post-trade automation, but nearly every firm still relies significantly on manual processing
88%
say data fragmentation remains a major constraint, describing it as a critical or significant challenge to post-trade efficiency
74%
believe the UK is well-positioned to lead globally in digital market infrastructure and atomic settlement

Other key findings include:

  • Automation is close to universal in principle, but incomplete in practice: Manual processes are still present everywhere.
  • No institution can modernise in isolation: 80% depend on external providers which constrain their ability to progress independently.
  • The economic case for change is strong: The outcomes firms most value span regulatory certainty, liquidity release, interoperability and reduced operational risk.

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Summary

01 Foreword by Richard Baker, Founder and CEO, Tokenovate Page 2
02 Executive Summary Page 3
03 The research at a glance Page 4
04 Introduction Page 5
05 Results Page 6
06 Recommendations Page 14
07 Conclusion and Methodology Page 15 & 16

"Confidence around T+1 is encouraging, but being on track is not the same as being operationally ready. Many firms still depend on manual processes, fragmented data and infrastructure outside their direct control. With less time to resolve issues under T+1, those weaknesses will become harder to manage."

— Richard Baker, Founder and CEO, Tokenovate