By Robert Keane, Senior Product Manager
In the Quarterly Panorama, 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 data tells a similar story.
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.
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.
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
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.
The asset class breakdown surfaces a gap Jon Ford has highlighted consistently. When you look at the breakdown of 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 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