Euroclear recently announced that from Monday, 15 June 2026, Stock Loan Returns (SLRs) for lending and collateral will be eligible for same-day settlement within CREST – reflecting current market developments and supporting the UK’s transition to T+1 settlement in 2027.
This means that SLRs can be settled on the same business day as the original Stock Loan (SLO), removing the prior requirement to defer settlement until the following business day. This change will not only benefit the settlement of underlying trades but also collateral movements.
To support these changes, new control measures have been implemented, including:
- Lender Approvals – for a same day SLR to settle, the lender must explicitly accept the return by raising the settlement priority in the CREST system. This ensures that same day returns only occur with bilateral agreement, giving lenders full control over the process
- Operational Note – if the lender does not approve the same day return, the SLR will be available on the next business day as per current practice
ISLA is supportive of these changes and has actively engaged with Euroclear through ISLA Working Groups and the UK AST T+1 working group to ensure that the solution aligns with ISLA member consensus and operational readiness. We look forward to continuing our engagement with Euroclear and our wider membership to support the UK market as it transitions toward T+1 settlement.
To find out more, read our ISLA Best Practice here.
