BoE further consults on extending RTGS and CHAPS settlement hours

The Bank of England (BoE) has published a consultation paper setting out its proposed roadmap to extend RTGS and CHAPS settlement hours towards near 24x7 settlement. The paper confirms the previously announced early-morning extension of CHAPS from September 2027 and seeks industry views on the next phase of reforms. In particular, the BoE proposes a phased approach, initially introducing settlement on weekends (most likely Sundays) and certain UK bank holidays from 2029 at the earliest. This would be followed by a further extension of those settlement days from 2031 at the earliest, resulting in CHAPS settlement operating hours for 22 hours per day, Sunday to Friday. The BoE notes that these sequencing steps could be combined if consultation responses indicate sufficient demand.

The consultation outlines key operational, liquidity and financial stability considerations, including the need for changes to liquidity provision, staffing, and risk management frameworks. It also seeks feedback on sequencing, design choices and the long-term end-state, including potential expansion to 22x7 or near-continuous settlement. The deadline for responses is 10 August.

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