KARACHI: The State Bank of Pakistan (SBP) has unveiled comprehensively revised operating rules for the Pakistan Real-Time Interbank Settlement Mechanism Plus (PRISM+), aimed at further strengthening the country’s financial market infrastructure and aligning it with global best practices.
These rules set out the operating framework for PRISM+, covering participation, messaging, and settlement processes for both funds and government securities, as well as liquidity and risk management controls, business-day arrangements, contingency provisions, and reporting.
In June last year, the State Bank launched its new Real Time Gross Settlement (RTGS) system, known as PRISM+, offering enhanced functionalities and a broader operational scope through the integration of the Central Securities Depository (CSD) module with the funds settlement system.
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Now, the SBP, after consultations with relevant stakeholders, has issued comprehensively revised PRISM+ Operating Rules to reflect the updated system features and requirements to ensure alignment with international best practices.
These rules provide a comprehensive framework governing PRISM+ operations including participation criteria, CSD operations, account management, settlement & finality, efficiency & effectiveness, operational continuity, etc.
According to the SBP, these rules will come into force with immediate effect and will supersede PRISM Operating Rules previously issued vide PSD Circular 02 of 2018, and shall be applicable to all existing as well as future participants of PRISM+.
These rules govern the issuance, auction, trading, custody, and settlement of Government of Pakistan marketable securities and related liquidity operations executed through PRISM+.
In addition, these Rules consolidate the operational provisions issued by SBP from time to time and reflect the procedural enhancements.
These Rules will apply to Scheduled Banks, Primary Dealers (PDs), Preliminary Primary Dealers (PPDs), and Special Purpose Primary Dealers (SPDs), Development Finance Institutions (DFIs); Islamic Banks and Islamic Banking Branches (IBBs) and any other institution authorized by SBP to participate in Government securities auctions, secondary-market trading, or liquidity operations.
Copyright Business Recorder, 2026
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