PSX to launch Cash-Settled Futures (CSF) contracts
MG News | November 21, 2025 at 10:27 AM GMT+05:00
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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