Global Trustee and Fiduciary Services Bite-Sized Issue 5 2026

10 QUICK LINKS AI CRYPTOASSETS CYBER EMIR FINTECH FUND LIQUIDITY MICA SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE IRELAND NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2026 For each of the five sectors – asset management; banking; built environment; retail, food, and hospitality; and water utilities, the GFI says that this short paper identifies which metrics businesses are already reporting, and answers the following questions: • What business decisions can I use these metrics to inform? • What are the key challenges I might face when constructing this metric? • What practical approaches can I take to collect the necessary data? The GFI states that the sector overviews summarise findings from sectoral working group sessions held with a selection of major UK businesses within each sector in Q4 2025. Across the groups, there was a range of familiarity with TNFD from those who were just starting out, to those who were piloting the guidance, to those that had already or planned to disclose. Link to Report here T+1 HKEX Publishes Consultation Paper on Accelerated Settlement for Hong Kong Cash Market On 17 April 2026, the Hong Kong Exchanges and Clearing Limited (HKEX) published a Consultation Paper on Accelerated Settlement for the Hong Kong Cash Market (Consultation Paper), which outlines the proposed operational model to shorten the settlement cycle for Hong Kong’s cash market to T+1 from the current T+2. The Consultation Paper follows HKEX’s Discussion Paper, published in July 2025, that initiated a market wide dialogue on accelerated settlement. Feedback received from a broad range of stakeholders indicated overall support for Hong Kong’s cash market to move to T+1, as key markets around the world continue to transition to shorter settlement cycles. Leveraging the progress made through the Discussion Paper, HKEX says that this Consultation Paper is its next stage of engagement with the industry that is focused on the ‘how’ and ‘when’ T+1 should take shape in the Hong Kong market. It adds that a shortening of the settlement cycle to T+1 is expected to affect the whole settlement value chain in the Cash Market and its existing infrastructure. In developing a viable T+1 model, HKEX will says that it will prioritise market stability and operational readiness while taking unique industry dynamics into consideration. Chapter 5 of the Consultation Paper outlines the T+1 operating model, including key changes in HKEX’s processes when compared with the existing T+2 settlement cycle. This includes processes along the Cash Market trade lifecycle as well as specific implications on processes and products. HKEX acknowledges the importance of encouraging the development of industry-wide guidance that is ‘with the industry and grounded in the industry’ on T+1 implementation. This is outlined in Chapter 6, together with the planning for a T+1 launch, pre- and post- settlement activities, and a proposed workflow tool to increase operational efficiency. Finally, Chapter 7 provides an implementation approach and timeline for the launch of T+1 in Hong Kong. The proposed implementation date is Q4 2027, factoring in a lead time of about 15 months from the publication of detailed specifications. The consultation closes on 18May 2026 . HKEX says that a Consultation Conclusions Paper will be issued after the consultation has been completed that will summarise the main points made by respondents and indicate the way forward, including the detailed implementation timeline and other matters under consultation. Link to Consultation Paper here