The National Clearing Company of Pakistan Limited (NCCPL), in co-ordination with Karachi Stock Exchange (KSE), on Saturday arranged a mock session on new leverage product of Margin Trading System (MTS). The three-and-a-half hours long Mock Session was held from 11:00 am to 2:30 pm at Karachi Stock Exchange. The mock session gave the clearing members practical training on the operating system of the new leverage product.
Badiuddin Akbar, Head of Operations of NCCP, told Business Recorder that more mock sessions would be arranged at all the three stock exchanges. At KSE, he said, more mock sessions would be arranged on February 22, 23, 24, 25 and 26, 2011. "A detailed presentation on the subject had been given at the KSE, while such presentations would also be arranged at the other stock exchanges", he said.
The MTS will be based on Securities (Leveraged Markets and Pledging) Rules, 2010 which were approved by SECP on February 18, 2011. He said that the NCCP will act as an Authorised Intermediary and will be responsible to provide MTS to avail financing in Eligible Securities.
He said that the MTS is a system separate from the Karachi Automated Trading System (KATS) and National Clearing and Settlement System (NCSS). Therefore, all clearing members are required to arrange a separate personal computer (PC) for exclusive use of the MTS. He added that the clearing members, having separate PC with required configuration, would be able to participate in the said mock sessions.
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