---
title: T+1 is here. The automated recalls network is moving. Where does your firm stand?
description: From August 2025, counterparty relationships on Recalls Manager have grown sharply. The overall relationship count has risen by 56% in the 8 months to March 2026, with growth accelerating into Q1 2026. Unique borrower entities have grown at a similar rate, meaning this isn’t just existing counterparties adding relationships – new participants are actively joining the network.
---

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# [T+1 is here. The automated recalls network is moving. Where does your firm stand?](https://www.pirum.com/news/t1-is-here-the-automated-recalls-network-is-moving-where-does-your-firm-stand)

 Written by [Robert Keane](https://www.pirum.com/news/author/robert-keane) | Jun 15, 2026 10:49:53 AM

*By ***Robert Keane, Senior Product Manager* *

In the [*Quarterly Panorama*](https://www.pirum.com/hubfs/Quarterly%20Panorama%20%E2%80%93%20Q1%202026.pdf), Duncan Carpenter argued that October 2027 is a waypoint, not a destination: firms that build only to meet T+1 will face the same investment decision again, sooner and under more pressure, as the industry moves toward T+0.

[Recalls Manager](https://www.pirum.com/product/recalls-manager) data tells a similar story.

##### A network that has shifted gear

From August 2025, counterparty relationships on Recalls Manager have grown sharply. The overall relationship count has risen by 56% in the 8 months to March 2026, with growth accelerating into Q1 2026. Unique borrower entities have grown at a similar rate, meaning this isn’t just existing counterparties adding relationships – new participants are actively joining the network.

*Fig. 1: Overall Recalls Manager relationship count, Aug 2025 to Mar 2026*

Meanwhile, year on year we’ve seen a **15%** increase in the number of relationships where recalls were issued, and an increase in the number of actual recalls issued through Pirum of **250%**.

Scale matters, as does what happens to those recalls once they're sent. Across the eight months to May 2026, 96% of recalls processed through Pirum never reached a queried or disputed state – consistently, every month. Fewer queries mean cleaner, faster settlement.

##### Regional breakdown: a global story with different chapters

North America holds the largest share of relationships, reflecting early adoption ahead of the US T+1 move in May 2024.

EMEA and APAC grew at a considerably faster relative rate over this period. EMEA relationships have grown by 89% over the same period, with the step-change arriving as firms started upgrading their infrastructure ahead of the EU, UK and Swiss October 2027 deadline. APAC has grown by 70% – driven partly by regulatory momentum across the region, and partly by South Korea’s full reinstatement of short selling in March 2025, which reopened a significant market for securities lending activity after a 16-month ban.

The pattern is consistent across all three regions: a regulatory catalyst, followed by rapid network growth as firms connect and go live.

*Fig. 2: Regional relationship growth – NAM, EMEA and APAC, Aug 2025 to Feb 2026*

##### Is your firm already in this curve?

If not, the arithmetic of network effects is already working against you. As more lenders automate recall activity, unconnected borrowers face a growing volume of recalls they cannot process systematically.

##### One gap that the data also surfaces

The asset class breakdown surfaces a gap [Jon Ford has highlighted consistently](https://www.pirum.com/news/why-fixed-income-cant-solve-t1-the-way-the-us-did). When you look at the breakdown of [Recalls Manager](https://www.pirum.com/product/recalls-manager) relationships by asset class, equity relationships lead fixed income by roughly 2:1.

Automation has historically advanced faster in equities; repo and bond lending have remained more manual. Fixed income relationships are growing, but fixed income remains underserved relative to equities, and the gap is widening.

*Fig. 3: Equity vs Fixed Income relationship split, Jun 2025 to Mar 2026*

[T+1](https://www.pirum.com/tplus1-hub) is coming for all asset classes. The firms best placed for October 2027 – and beyond – are building connectivity now.

*To find out how quickly your firm can be live on Recalls Manager, *[*get in touch with Robert*](https://www.pirum.com/t1-readiness-starts-here)

 

 

[View full post](https://www.pirum.com/news/t1-is-here-the-automated-recalls-network-is-moving-where-does-your-firm-stand)

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