ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has directed the Karachi Stock Exchange (KSE) to allow KASB Securities Limited (KSL) trading facilities in the ready market.
According to the SECP, this decision has been taken on the recommendation of the KSE. The SECP had stopped trading facilities of KSL at the KSE and Pakistan Mercantile Exchange (PMEX) on November 18, 2014. However, the regulator has now instructed the KSE to ensure following restrictions as preemptive measures while opening the KSL trading facilities.
In the ready market, KSL can execute buy order against at least 50% cash deposit and sell orders against at least 50% pre-existing holding in CDS sub-accounts maintained with KSL. In order to comply with these restrictions, KSL would be required to deposit 50% cash, if net-payable, and deliver 50% securities on trade date.
Moreover, trades executed on behalf of the non-broker clearing member (NBCM) clients shall be affirmed not later than one hour before closure of market.
Published in The Express Tribune, February 5th, 2015.
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