Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced adjustments to its clearing and settlement schedule in light of a bank holiday scheduled for Monday, March 3, 2025, coinciding with the commencement of Ramadan-ul-Mubarak 1446 Hijri. The adjustments pertain to the Merge Settlement for trade dates February 27 and 28, 2025, which will now occur on Tuesday, March 4, 2025.
According to information available from the Pakistan Stock Exchange (PSX), the Margin Trading System (MTS) will be unavailable on February 27, 2025. However, the MTS Release system will remain operational on that date. The NCCPL has outlined several guidelines for Clearing Members (CMs) to facilitate smooth operations during the bank holiday.
Clearing Members are advised to ensure adequate collateral in the Risk Management System (RMS) by February 28, 2025, to avoid margin-related issues on March 3, 2025. Payments up to 10.00 million Pakistani Rupees for exposure margins and losses will be acceptable in cheque form as per NCCPL procedures.
The NCCPL has also highlighted the availability of a fund transfer facility within the RMS, allowing CMs to transfer surplus funds between different markets, such as the DFC market to the Ready market, without involving NCCPL or Settling Banks staff. This facility is recommended for use on the bank holiday as per business requirements.
Additionally, the Transfer of Pre-Settlement Delivery (PSD) facility is available, enabling the transfer of PSD between the Ready market and DFC, subject to sufficient collateral in the RMS. The NCCPL will facilitate the release or allocation of Bank Guarantees (BG) and near cash instruments upon written requests from CMs, specifying the instrument and relevant market details.
Finally, if there is an excess or surplus amount of Margin Eligible Securities (MES) pledged with NCCPL in one market, CMs can request the release of pledged securities via an automated interface in the RMS to deposit or pledge in another market to meet margin requirements.
All Clearing Members are requested to adhere to these guidelines to ensure seamless operations during the bank holiday on March 3, 2025.