European regulatory institutions stated on Tuesday that speeding up the development of the European financial market should be a top priority. The European Securities and Markets Authority, the European Commission, and the European Central Bank issued a joint statement mentioning that by implementing a "T+1" system, the securities settlement time will be shortened from two days to one day, resulting in significant benefits and cost savings. Some countries, including the USA, changed their securities settlement period to T+1 in May. The statement on Tuesday emphasized the urgent need for action if the EU wishes to avoid prolonging and expanding negative impacts inconsistent with major international jurisdictions. It is necessary to accelerate all aspects of technical work to pave the way for the future implementation of the T+1 system in the EU.