Deloitte has warned that financial markets face a critical test as same-day, or T+0, settlement and tokenized securities begin to roll out in 2026.
In its 2026 outlook report, the firm said faster settlement could improve efficiency but also increase market risk if reporting and oversight fail to keep pace.
T+0 settlement allows trades to settle on the same day they are made. Deloitte said this reduces counterparty risk but sharply limits the time available to fix errors, secure cash, and manage margin requirements.
The report said tokenized securities, which represent traditional assets like stocks or bonds on blockchain systems, promise faster transfers and fewer intermediaries. However, Deloitte warned that benefits depend on strong controls and transparency.
Deloitte expects adoption to start through limited pilot programs rather than a full market shift. Regulators are likely to rely on no-action relief to test tokenized assets such as stablecoins and digital collateral.
The firm identified collateral management as an early use case, as same-day settlement suits liquid, dollar-linked assets. U.S. regulators, including the CFTC, are already exploring these models.
Deloitte also warned that reduced reporting requirements could create blind spots. Faster settlement leaves less time to detect manipulation, reconcile data, or respond to market stress.
The firm urged companies to strengthen compliance, audit trails, surveillance, and cybersecurity as markets accelerate. Deloitte said the success or failure of early pilots will shape whether tokenized markets expand or remain limited.
