Women Facilitation Accounts to Be Introduced Soon — PSX MD’s Media Briefing.
Karachi : Officials of the Pakistan Stock Exchange (PSX), National Clearing Company, and Central Depository Company briefed the media on Wednesday regarding changes in the system of share trading and settlement in the stock market.
Speaking on the occasion, Managing Director of the Pakistan Stock Exchange, Farrukh Sabzwari, said that the settlement of share transactions within 24 hours has now been successfully implemented. Previously, the settlement system in the stock exchange operated on a 48-hour cycle.
Chief Executive of the National Clearing Company, Naveed Qazi, said that it took 20 years to transition from the T+2 to the T+1 settlement system. Pakistan has become the world’s eighth country to implement the T+1 settlement system in its stock market. He added that by introducing the T+1 system, Pakistan has even surpassed some European stock markets.
The Chief Executive of the Central Depository Company stated that all types of tests were conducted before implementing the T+1 system. He said that the new settlement system would enhance liquidity in the stock market. With the implementation of the T+1 system, the Pakistan Stock Exchange has reached a level comparable to stock markets in developed countries.
Responding to a question, PSX Managing Director Farrukh Sabzwari said that Pakistan has become a full member of the World Federation of Exchanges (WFE). He noted that there are 70 stock exchanges worldwide that are members of the WFE, and Pakistan could not become a member in 2019 due to its inclusion in the FATF grey list.
Answering another question, he said that a new record had been set in Pakistan Stock Exchange for the highest number of new trading accounts opened in a single month, with 23,500 new accounts opened in January. He further said that 12 new companies would be listed on the Pakistan Stock Exchange this year.
He also announced that women facilitation accounts would soon be introduced in the stock market.
