MTS unavailable on Dec. 28

KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) said on Tuesday that its margin trading system (MTS) would not be available on Dec. 28, 2023, due to a merged settlement on Jan. 2, 2024, for trade dates Dec. 28 and Dec. 29.

The MTS release session, which allows clearing members (CMs) to release their margin positions, would remain available on Dec. 28, the company said in a notification to its CMs. The merged settlement is due to a bank holiday on Jan. 1, 2024, the company said, citing the clearing schedule for December 2023 issued by the Pakistan Stock Exchange.

The company also advised its CMs to follow certain guidelines while using its risk management system (RMS) functionalities on Dec. 29, 2023, and Jan. 1, 2024, to facilitate and smooth their trading activities.

These include accepting payments up to Rs2.5 million in the form of cheque for all markets, transferring surplus funds and securities between different markets, and releasing or allocating bank guarantees and near cash instruments.

The company said these measures were aimed at avoiding any margin-related issues on Jan. 1, 2024, when the banks would be closed.