Please refer to DMMD Circular No. 06 of 2018 (Master Circular on Auction of Government Securities), Circular No. 12 of 2017 (Master Circular - Open Market Operations), Circular No. 23 of 2020 (Floating Rate Pakistan Investment Bonds), Circular No. 07 of 2021 (Master Circular - Rules Governing Primary Dealer System), and Circular No. 02 of 2025 (Buyback of Government Securities).

Pursuant to the launch of PRISM+ System vide DI&SD Circular No 01 dated June 11, 2025, a new interface has been developed for efficient conduct of auctions and market operations Accordingly, following changes are being made in procedures related thereto:

1. Auctions of Government Securities: All auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), including their buyback auctions, will be conducted through the  PRISM+.

2. Open Market Operations: Conventional Open Market Operations (Injections, and Mop-up) will be conducted through PRISM+. However, Shairah Compliant OMOs as well as Bai Muajjal will continue to be conducted through the existing mechanism.

In respect of Conventional OMOs conducted through PRISM+, following changes in the procedures are being introduced:

1. All eligible institutions will submit bids at PRISM+. They will tag one or more than one government securities with each bid.
2. The face value of the bid will be considered equal to face value of tagged/offered government securities.
3. The realized value of the government securities will be calculated by PRISM+ based on applicable revaluation rates, prices, and haircuts.
4. In case of multiple securities tagged with the bid subject to pro-rata, the government securities having shortest remaining life/maturity will be allocated first toward pro-rata.

3. Interest Rate Corridor Facilitates: Conventional Reverse Repo (Ceiling) and Repo (Floor) facilities will be offered through new TMON/X platform. Shariah Compliant Corridor facilities will, however, continue to be conducted as per existing procedure.

4. Secondary Market Activities:

1. The PRISM+ also offers a  platform for secondary market outright and repo based trading of government securities. All government securities held in custody of SBP will be available for trading.
2. The PRISM+ also provides mechanism for when-issued trading of PIB-Fixed coupon bonds before auctions.
3. All participants are encouraged to utilize the secondary market trading platform offered as part of PRISM+.

 5. General Instructions:

1. Auction/OMO announcements and results will be visible on Bloomberg/Refinitiv in addition to PRISM+.
2. All participants will continue to send Auction, OMO and Corridor deal confirmation letters to SBPBSC-Karachi Office through existing DAP mechanism.
3. The timings for SBP liquidity facilities will be in sync with operational timings of PRISM+ announced from time to time.

In light of above changes, specific revisions in various clauses of the relevant Circulars are attached at Annexure-I.

The above changes will come into effect from June 16, 2025. All other instructions shall remain unchanged.