Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced modifications to the clearing and settlement schedule for the end of June 2025, citing a bank holiday on July 1, 2025. The adjustments were detailed in a notice issued by the Pakistan Stock Exchange (PSX) under reference number PSX/N-564, dated May 30, 2025, and are aimed at ensuring smooth market operations during this period.

On June 26, 2025, the NCCPL declared that the Margin Trading System (MTS) will be unavailable on June 27, 2025. However, the MTS Release system will remain operational on the same date. This decision affects trade dates of June 27 and June 30, 2025, with a merge settlement scheduled for July 2, 2025.

According to information available from the Pakistan Stock Exchange (PSX), the NCCPL has provided guidelines to Clearing Members (CMs) for maintaining adequate collateral in the Risk Management System (RMS) by June 30, 2025. This is to prevent margin-related issues on the bank holiday, July 1, 2025. The guidelines include acceptance of cheques up to Rs. 10 million for exposure margins and losses across all markets.

The NCCPL has also enabled a fund transfer facility in the RMS, allowing CMs to transfer surplus funds between markets without staff involvement from NCCPL or settling banks. Furthermore, the transfer of Pre-Settlement Delivery (PSD) between markets is permitted, contingent on sufficient collateral availability.

Additional facilities include the release or allocation of bank guarantees and near-cash instruments, such as T-Bills, PIBs, and Ijara Sukuks, based on written requests from CMs. Moreover, CMs can request the release of pledged securities when there is a surplus of Margin Eligible Securities in one market, facilitating their transfer to meet margin requirements in another market.

All CMs are encouraged to adhere to these guidelines to ensure uninterrupted operations during the bank holiday on July 1, 2025.