August 30, 2023 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has announced that it will extend the hours of its International Deliverable Securities (IDS) facility during the MSCI Frontier Market rebalancing event.
This is in reference to the MSCI event on August 31, 2023, which will result in some changes in the additions/deletions of securities listed at the Pakistan Stock Exchange (PSX) in the MSCI Frontier Market and Frontier Market Small Cap Index.
In this respect, the NCCPL conducted a meeting with concerned stakeholders that include Custodian Clearing Members (CCMs), Broker Clearing Members (BCMs), Pakistan Stock Brokers Association (PSBA), Pakistan Stock Exchange (PSX), and Central Depository Company of Pakistan (CDC).
The purpose of this was to seek their views on the volume of trades and value of transactions expected on the event date and to identify the steps that should be taken to ensure seamless trading, settlement, and risk management of the trades and transactions during this event.
According to the NCCPL, the IDS initiation and affirmation facility will be available from 09:00am to 10:00pm [PST] on August 31, 2023 and from 08:00am to 10:00pm on September 01, 2023.
The existing hours for this facility are from 09:00am to 05:00 pm for initiation and from 09:00am to 5:30pm for affirmation.
