MTS unavailable on December 28: NCCPL

December 26, 2023 (MLN): The Margin Trading System (MTS) will not be available on December 28, 2023, however, the MTS Release session shall remain available on the said date, the National Clearing Company of Pakistan Limited (NCCPL) informed through a notification to its Clearing Members. 

"This is with reference to the Clearing Schedule for 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," the notice reads.

Accordingly, MTS shall not be available on December 28, 2023, however, MTS Release session shall remain available on the said date, it added.

Further, on account of the bank holiday on January 01, 2024, CMs are requested to note down the following guidelines while using RMS functionalities provided by NCCPL for the facilitation/smoothening of trading activities:

Acceptance of Cheque:

Following clause 12.5.3 (c) of NCCPL Regulations, payments up to Rs. 2,500,000/- (total amount for all markets) for payment against Exposure Margins and losses may be accepted in the form of cheque by the company for all Markets.

Therefore, due to the bank holiday on January 01, 2024, all CMs are advised to make available sufficient collateral in RMS on December 29, 2023, to avoid any margin-related issues on January 1, 2024.

Fund Transfer Facility:

Through the fund transfer facility in RMS, CMs can transfer their surplus funds from one market to another market (i.e. surplus funds in the DFC market can be transferred to the Ready market or vice versa) without any involvement of NCCPL and Settling Banks staff.

Accordingly, CMs are advised to use this facility on a 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 the Ready market to DFC and vice or versa, subject to the availability of sufficient collateral in RMS.

Release/Allocation of Bank Guarantee” BG”/ Near Cash Instruments:

On receiving a written request from a CM, 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 them in another market for meeting the margin requirement.

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