PSX to launch Cash-Settled Futures (CSF) contracts

MG News | November 21, 2025 at 10:27 AM GMT+05:00

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November 21, 2025 (MLN): The Pakistan Stock Exchange (PSX) is launching Cash-Settled Futures (CSF) contracts, marking a significant development in the country's derivatives trading landscape.

This new financial instrument provides investors with an alternative mechanism for futures trading without the need for physical delivery of underlying securities, with settlements occurring through cash payments at T+1, according to a post on their social media platform.

CSF contract specification:

Features	Description
Eligible Stocks	Eligible securities as per approved criteria (reviewed quarterly)
Contract Multiplier	500 shares for standardized contract (unless adjusted for corporate actions in the underlying stock)
Listing Date	First trading day following the last Friday of each calendar month
Listing Price	Theoretical price based on (i) underlying’s close price (ii) KIBOR (iii) days to maturity and (iv) spread
Maturities	Spot month and next two calendar months
Symbol	Stock Ticker-CExpiryMonth (ABC-CDEC) – for standardized contracts. Stock Ticker-CExpiryMonthNI (ABC-CDECNI) – for non-standardized contracts
Lot Size	1 contract
Minimum Fluctuation	PKR 0.01
Circuit Breaker	PKR 1 or 10%; whichever is higher
Daily Settlement Price	VWAP in CSF or the theoretical price (in case of no trade during the day)
Expiration Date	Last Friday of the calendar month
Final Settlement Price	Underlying’s close price in Ready market
Settlement Method	Cash settlement @ T+1

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