Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced a change in the face value of shares for Intermarket Securities Limited (IMS), effective from June 16, 2025. This adjustment is referenced in the Pakistan Stock Exchange (PSX) Notice # PSX/N-598 dated June 5, 2025. The announcement outlines the trading and settlement schedule for both regular and leverage markets, which is crucial for clearing members to ensure smooth transactions.
For the regular market, the trading and settlement schedule stipulates a T+2 settlement cycle for trades conducted on June 11, 2025, with deliveries due on June 13, 2025. Any pending deliveries from this cycle must be squared up or closed out by June 16, 2025. Additionally, trades executed on June 12, 2025, follow a T+0 settlement cycle, requiring closure of pending deliveries by June 13, 2025. On June 13, 2025, any remaining pending deliveries will also be closed out by June 16, 2025. Importantly, no netting is permitted between T+2 and T+0 trades occurring on the same settlement date, and the facility for all types of IDS will not be available for T+0 trading.
In the leverage market, trading conditions specify that the Margin Financing System (MFN) and Securities Lending & Borrowing (SLB) have a last trading date of June 10, 2025, with settlement on June 12, 2025. The MFN facility for trading on June 10, 2025, will not be available for use on June 11, 2025. Regarding the release of open positions, the Margin Financing System with Sale (MFS) open positions will be forcibly released at the end of the market day on June 11, 2025. Consequently, margin-financed securities will be transferred to the respective CDS sub-accounts of margin financees on the same day.
Furthermore, Securities Lending & Borrowing (SLB) open positions will also be forcibly released after the market closes on June 11, 2025, with settlements due on June 13, 2025. According to information available from the Pakistan Stock Exchange (PSX), these changes in the trading and settlement procedures are part of the measures implemented by NCCPL to align with the upcoming change in face value for IMS shares.
Designated market category stakeholders are advised to closely follow the outlined schedules to ensure compliance and avoid any potential disruptions in trading activities.