NCCPL, PSX begin T+1 market testing from today

December 19, 2025 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has commenced the integrated market testing session for the implementation of the T+1 settlement cycle, in coordination with the Pakistan Stock Exchange (PSX) and the Central Depository Company of Pakistan Limited (CDC).

In a circular issued on December 18, 2025, NCCPL informed that the testing session will be available to selected market participants from December 19 to December 23, 2025, as part of preparations for transitioning to a shorter settlement cycle.

According to the circular, the selected participants will be able to review and test system enhancements made to support T+1 settlement across NCCPL, PSX and CDC platforms.

The testing systems will remain accessible daily from 10:30 am to 7:00 pm during the testing period.

Market participants will be able to access NCCPL’s NCSS and RMS testing systems using their respective live system passwords as of December 17, 2025, while CDC systems will be accessible using live system IDs and passwords.

For order placement during T+1 testing, securities brokers will use NTT, with credentials to be shared by the PSX ITSS team.

NCCPL has strongly advised selected participants to ensure seamless connectivity with the testing systems before the exercise and to actively participate in the testing session by performing all verifications and activities currently carried out on the live system.

The objective, the company said, is to ensure a smooth transition to the shorter T+1 settlement cycle.

In case of any technical issues, including connectivity problems or unavailability of reports or system functions, participants have been advised to contact the designated support teams of NCCPL, PSX and CDC at their respective offices in Karachi, Lahore and Islamabad.

NCCPL further encouraged the selected market participants to share written feedback and observations from the testing sessions, including comments on the support services provided during the exercise.

The clearing company also noted that following the completion of the testing session with selected participants, NCCPL, PSX and CDC will conduct another market testing session for all market participants ahead of the full implementation of the T+1 settlement cycle.

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