February 18, 2026 (MLN): National Clearing Company of Pakistan Limited (NCCPL) has revised the trading and settlement schedule for February 2026 due to a bank holiday on account of 1st Ramadan-ul-Mubarak (1447 Hijri), introducing merged clearing for selected trade dates.
According to the notice issued on February 17, trades executed on Wednesday, February 18, will settle on Friday, February 20, under merge clearing, while trades on Thursday, February 19, and Friday, February 20, will both settle on Monday, February 23.
The revised schedule aligns with the trading calendar released by the Pakistan Stock Exchange for the month.
Despite the holiday, NCCPL confirmed that the Margin Trading System (MTS) and MTS Release system will remain available on February 18 and 19.
However, leveraged buy positions executed on these dates in the ready market will be eligible for MTS take-up only on the same trade day and will not carry forward to the next trading session.
Clearing members have been advised to release any excess MTS positions on the respective trade dates in case of merge clearing.
To facilitate smooth operations, NCCPL outlined additional arrangements for the holiday period.
Payments up to Rs10 million against exposure margins and losses may be made through cheques, while members are urged to maintain sufficient collateral in the Risk Management System (RMS) to avoid margin shortfalls.
Members can also utilize RMS-based facilities during the holiday, including inter-market fund transfers, pre-settlement delivery transfers, release or allocation of bank guarantees and near-cash instruments, and withdrawal of pledged margin-eligible securities subject to collateral requirements.
NCCPL said the measures are intended to ensure uninterrupted clearing and settlement operations during the banking closure and advised market participants to plan accordingly.
Monetary Aggregates (M3) - Monthly Profile