National Clearing Company of Pakistan Announces Continued Progress Toward T+1 Settlement Cycle

Karachi, National Clearing Company of Pakistan Limited (NCCPL) has provided an update on its ongoing transition to a T+1 settlement cycle, a move aimed at speeding up securities transactions. This initiative follows previous communications including circulars dated January 16, 2024, and April 05, 2024, which outlined the initial stages of the move from the current T+2 cycle.

The NCCPL, collaborating with major stakeholders such as the Central Depository Company (CDC), Pakistan Stock Exchange (PSX), Securities Brokers, Pakistan Stock Brokers Association (PSBA), Custodian Clearing Members, Professional Clearing Members, and the Mutual Funds Association of Pakistan (MUFAP), has been actively engaging in consultations to address and document concerns essential for the transition.

As per the latest updates, the final roadmap and the date for a pilot run of the T+1 cycle, originally promised by April 25, 2024, are still under deliberation. The NCCPL emphasized the importance of this change, noting that it will significantly alter existing operational processes. They have assured that a detailed plan and timeline for the pilot phase will be announced following the completion of these discussions.