The Presidents / Chief Executives

All Banks / PRISM Participants

Dear Sir / Madam,

NCCPL as a Special Participant of PRISM

1. In order to enhance the existing clearing process of National Clearing Company of Pakistan Limited (NCCPL) and to reduce the settlement risk associated with it, SBP has assigned NCCPL as a special participant of PRISM System to settle net position of capital market transactions in PRISM.
2. To mitigate the Liquidity / Settlement risk, all member banks are advised to maintain adequate funds / liquidity in their current accounts with SBP BSC (Bank) based on their existing and future clearing requirements.
3. For each business day, two (2) clearing cycles shall be processed. The first batch shall be processed at 12:00 noon followed by the second batch at 3:30 pm. The new mechanism is attached at Annexure-‘A’.
4. The settlement of clearing through NCCPL shall be made operational from January 22, 2018.

Please acknowledge receipt.