The National Clearing Company of Pakistan Limited (NCCPL) has announced adjustments to the trading and settlement schedule for February 2026 in light of the upcoming 1st Ramadan-ul-Mubarak bank holiday, introducing merged clearing for selected trade dates to maintain operational efficiency. This revised schedule aims to align settlement activities with the Pakistan Stock Exchange (PSX) trading calendar while ensuring continuity for market participants during the banking closure.
According to the official notice issued on February 17, trades executed on Wednesday, February 18, will now settle on Friday, February 20, under the merged clearing framework. Trades conducted on Thursday, February 19, and Friday, February 20, will both settle on Monday, February 23. This consolidated approach is designed to streamline clearing operations while accommodating the bank holiday.
Despite the holiday, NCCPL confirmed that its Margin Trading System (MTS) and the MTS Release system will remain available on February 18 and 19. Leveraged buy positions executed on these dates in the ready market will be eligible for same-day MTS take-up but will not carry forward to subsequent trading sessions. Clearing members have been advised to release any excess MTS positions on the respective trade dates in cases where merged clearing is applied.
To facilitate smooth operations during the holiday, NCCPL has outlined additional measures for clearing and settlement processes. Payments up to Rs10 million against exposure margins and losses may be made through cheques, while clearing members are encouraged to maintain sufficient collateral in the Risk Management System (RMS) to prevent any margin shortfalls. These steps are intended to ensure uninterrupted clearing despite the closure of banking channels.
Members can also access RMS-based facilities during the holiday period, including inter-market fund transfers, pre-settlement delivery transfers, the release or allocation of bank guarantees and near-cash instruments, and the withdrawal of pledged margin-eligible securities, provided collateral requirements are met. These provisions are aimed at enabling market participants to maintain liquidity and manage risk effectively while respecting the banking holiday constraints.
The NCCPL emphasized that the revised schedule and operational arrangements are part of its broader effort to maintain uninterrupted settlement cycles and safeguard market integrity. By ensuring that clearing and risk management systems remain accessible, the organization is helping participants plan their trades, collateral management, and settlement activities efficiently during the Ramadan holiday period.
Market analysts noted that the merged clearing approach reflects a proactive strategy by NCCPL to minimize disruptions, prevent settlement bottlenecks, and protect the stability of the Pakistani capital market during public holidays. This approach also underscores the growing reliance on digital systems like RMS and MTS to support continuous trading and risk management, even when conventional banking operations are paused.
Participants are advised to review the updated settlement calendar, manage their collateral prudently, and coordinate with clearing members to avoid operational delays. NCCPL’s arrangements demonstrate the company’s commitment to ensuring seamless market functioning and highlight the importance of advanced risk and margin management practices in modern capital markets.
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