BoE consults on settlement hours extension

The BoE is consulting on how it will move RTGS and CHAPS toward near 24×7 operation. CHAPS will be opening at 01:30 from September 2027 and the next stage could involve:

• an additional settlement day at the weekend (probably Sunday) and some UK bank holidays; or
• lengthening the settlement window on existing settlement days.

The current plan is to add the settlement day first (not before 2029) and then lengthen settlement days (not before 2031). The BoE thinks it is sensible to take these steps separately, but asks for views on whether there is appetite for them to happen together. Once achieved, there would befirst settlement 16.5 X 6 and then settlement 22.6 from Sunday to Friday. In the longer term, it is interested in knowing whether there would be support for a 23.5 x 7 extension or whether 22×7 would be better.

Consultation closes on 10 August.