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Capital Markets
Post-Trade, Clearing, Settlement & Collateral
Settlement a day faster, with fewer fails and fewer manual touches.
Overview
Post-trade performance is set by a chain: confirmation and affirmation, clearing, settlement, collateral and the funding behind them. Fails, breaks and manual touches each carry a cost, and the chain is about to run a day faster — the UK, EU and Switzerland move to T+1 settlement on 11 October 2027.
We deliver post-trade change end to end: affirmation rates and cut-offs, settlement performance and fails management, collateral and margin operations, reconciliations, and the platforms and operating model behind them. The work runs through our Post-Trade, Clearing & Settlement practice, with reconciliation and control work through our operations practices.
Clients on this page are members and users of the market's infrastructure — banks, brokers and asset managers clearing through CCPs and settling through CSDs and custodians. Work for the operators of that infrastructure has its own page.
What we do
The UK, EU and Switzerland move to T+1 settlement on 11 October 2027. We assess where the chain loses time — affirmation, allocation, cut-offs, funding, inventory — and deliver the workflow, platform and counterparty changes that make each step run a day faster.
Fails have identifiable causes: late affirmation, inventory gaps, standing-instruction errors, counterparty behaviour. We analyse fails at that level, fix causes rather than symptoms, and put in place the daily management routine that keeps the rate down.
We work on the collateral chain from margin call to settlement: operations capacity, dispute handling, eligibility and optimisation across CCP and bilateral obligations, and the funding picture behind it. The aim is fewer manual touches and better use of available collateral.
Clearing, settlement and custody arrangements are reviewed on evidence: volumes, fees, service performance and the operational cost of each relationship. We support renegotiation and, where warranted, migration between providers — planned and executed without interrupting daily settlement.
We rebuild reconciliations around the breaks that matter: coverage of positions, cash and trades, matching rules tuned to reduce noise, and break ownership with ageing visible to management. Manual reconciliations are automated where the volume justifies it.
Where the work is done, by whom and on what platforms — designed as one picture across confirmation, settlement, collateral and reconciliation, so capacity, location and platform decisions are taken on the whole chain rather than function by function.
What to expect
The work starts from your settlement and reconciliation data — fails, breaks, affirmation timing — so the plan is grounded in evidence within weeks. Changes are sequenced so daily settlement is never put at risk: workflow and counterparty fixes first where they carry the improvement, platform change where it is justified, and the daily management routines put in place to hold the gains.
Engagements run from a T+1 readiness assessment to delivery of a full post-trade change programme.
01
Assess
Establish the current state, the constraints, the risks and the value at stake.
02
Define
Shape the target model and the business case with the executives who own the outcome.
03
Mobilise
Stand up the team, the plan and the governance around the outcome.
04
Implement
Design, build and test the change, with the business alongside.
05
Sustain
Cutover, hypercare and handover, so the business runs it under its own control.
The same five stages on every engagement, led by senior practitioners end to end. How we work
Insights
Related thinking.
Get in touch
Talk to a Partner about Post-Trade, Clearing, Settlement & Collateral.
Tell us what needs to change and where the pressure or risk is showing.