Karachi December 27 2023: Margin Trading System shall not be available tomorrow due to banking holiday on Jaunary 1st 2024, according to notification issued by National Clearing Company Limited.
This is with reference to the Clearing Schedule for the month of December, 2023 issued by the Pakistan Stock Exchange regarding Merged Settlement on Tuesday, January 02, 2024 for Trade date December 28, 2023 & December 29, 2023 due to Bank Holiday on Monday, January 01, 2024.
Accordingly, Margin Trading System (“MTS”) shall not be available on December 28, 2023, however, MTS Release session shall remain available on the said date.
Further, on account of bank holiday on January 01, 2024, CMs are requested to note down the following guidelines while using RMS functionalities provided by NCCPL for facilitation/smoothen of trading activities:
Acceptance of Cheque:
In accordance with clause 12.5.3 (c) of NCCPL Regulations, payments up to Rs. 2,500,000/- (total amount for all markets) for the purpose of payment against Exposure Margins and losses may be accepted in the form of cheque by the Company for all Markets. Therefore, due to bank holiday on January 01, 2024, all CMs are advised to make available sufficient collateral in RMS on December 29, 2023 so as to avoid any margin related issues on January 1, 2024.
Fund Transfer Facility:
Through fund transfer facility in RMS, CMs can transfer their surplus funds of one market to another market (i.e. surplus funds in DFC market can be transferred to Ready market or vice a versa) without any involvement of NCCPL and Settling Banks staff. Accordingly, CMs are advised to use this facility on bank holiday day on January 1, 2024 according to their business requirement.
Transfer of Pre-Settlement Delivery (“PSD”) Facility:
Through this facility, CM can transfer PSD from Ready market to DFC and vice or versa, subject to availability of sufficient collateral in RMS.
Release/Allocation of Bank Guarantee” BG”/ Near Cash Instruments:
On receiving written request from CM, clearly specifying the details of the instrument/ relevant market, CMs can transfer BG/ Near cash instruments (T-Bills, PIBs & Ijara Sukuks) deposited in one market to another.
Release of Pledged Securities:
In case of excess/surplus amount of Margin Eligible Securities (“MES”) deposited/pledged with NCCPL in one market, the CM may request NCCPL for release of pledged securities through an interface available in the RMS and deposit/pledge the in other market for meeting the margin requirement.
