South Korea has pushed its planned shift from T+2 to T+1 settlement for stocks, exchange-traded funds and exchange-traded notes to 2028, after initially targeting the second half of 2027. The delay gives financial institutions and overseas investors more time to upgrade systems and procedures amid concerns about higher costs and operational risks. Under a roadmap unveiled by the Korea Exchange, Korea Securities Depository, Korea Securities Finance and Koscom, investors would receive stock-sale proceeds one business day earlier, reducing capital tied up in unsettled trades, counterparty settlement risk and cash-use inefficiency. The reform would be the first settlement-cycle change since T+2 was introduced in 1972. The institutions aim to complete system development by October 2027 and conduct at least six months of integrated testing, but the actual launch date has not been set. The roadmap includes 22 tasks across eight areas, including settlement-procedure changes, automated transaction-information processing and upgrades to clearing and settlement systems. A task force and project management office are planned for the first quarter of 2027, while industry guidelines and implementation checklists are due in December. Financial companies and foreign investors are expected to update their systems and procedures by the first quarter of 2028. The transition follows similar moves in the United States, European Union, United Kingdom and Hong Kong. Existing preparations include automation that could reduce foreign investors' settlement procedures from 12 steps to five through a link with the U.S. Depository Trust & Clearing Corporation's trade information management system, revised payment and settlement deadlines, and changes to forced-liquidation and corporate-action timelines. Brokerages also plan proceeds-backed loans funded by Korea Securities Finance, with rates that stood at 7.5%-10% annually at the end of June and could fall to the mid-to-late 5% range.