Un-Listed TFC Reporting through NCCPL報(bào)告上市TFC通過全國社區(qū)預(yù)防犯罪聯(lián)盟

Un-ListedTFCsReportingThroughNCSSNationalClearingCompanyofPakistanLimited1IntroductionUn-ListedTermFinanceCertificates(TFCs)areconstitutedmajorportionofCorporateDebtinPakistan.PresentlyUn-ListedTFCsaretradedprivatelybetweenthepartiesthroughdirectnegotiationprocesswithoutanysystematicreporting.AftertheimplementationofBondAutomatedTradingSystemforListedTFCs,itwasfeltthattheirshouldbeacentralizedplatformforthereportingofUn-ListedTFCsforbetterpricediscoveryanddisseminationofTransactions.SecuritiesandExchangeCommissionofPakistan(“SECP”)formedaCommitteemandatedtoreviewBondsAutomatedTradingSystem(“BATS”)andTradinginUn-ListedTFCs.

(cont…)2IntroductionTheCommitteerecommendedthatreportingoftransactionsinUn-ListedTFCsshouldbeRecordedthroughaCentralizedPlatform.OntherecommendationoftheCommittee,SECPmandatedNationalClearingCompanyofPakistanLimited(“NCCPL”)todevelopUn-ListedTFCReportingModulefortherecordingandreportingofUn-ListedTFCTransactions.Accordingly,NCCPLhasdevelopedUn-ListedTFCReportingModuleinNationalClearingandSettlementSystem(“NCSS”)forrecordingandreportingofTransactions.RecordingandReportingofTransactionswillbebasedonCounterpartyinaDisclosedManner.3Un-ListedTFCReportingModule

EligibilityCriteriaofUn-ListedTFCs

AllCDSeligibleUn-listedTFCswillbeEligibleforUn-ListedTFCReportingModuleofNCSS.EligiblePersonforUn-ListedTFCReportingAllExistingClearingMembersofNCCPL;FinancialInstitutions,BankingCompany,InvestmentCompany,AssetManagementCompany,Corporation;andAnyotherentityapprovedbytheBoardofNCCPL

4Un-ListedTFCReportingModule

ModusOprendi5Un-ListedTFCReportingModuleInitiallyUn-ListedTFCReportingModuleshallonlyfacilitatethe“Recording&ReportingofTransactions”.SettlementoftheRecordedTransactionswillbemadedirectlybetweentheReportingMembersoutsidethesystem.

FollowingtypesofTransactionsShallbeRecordedintheReportingModule:A. MembertoMember(“M-to-M”)Transactions TransactionsbetweentwoReportingMemberswillbeconsideredasM-to-MReportedTransactions.B. ClienttoClient(“C-to-C”)Transactions TransactionsbetweentheclientsofthesameReportingMemberswillbeconsideredasC-to-CReportedTransactions.

6Un-ListedTFCReportingModule

A.

MembertoMember(“M-to-M”)TransactionsInitiationofM-to-MTransactionBuyerReportingMemberwillbeallowedtoinitiatedM-to-MTransactionthroughUn-ListedTFCReportingScreenwithinDesignatedTimeSchedule(“DTS”).FollowingDetailswillbeenteredbythebuyerReportingMemberintheInitiationScreen:Un-ListedTFCSymbol;Un-ListedTFCName;BuyerClientCodeforBCMOnly;(suchClientCodeshouldbepre-registeredinNCSSUINDatabase)CountersellingReportingMemberCode;Quantity;NotionalRate,orValueasagreedbetweenthepartiestothetradebeingreported.SettlementDate(settlementshallbebetweentheReportingMembers)

7M-to-MTransactionsInitiationScreen

8Un-ListedTFCReportingModule

A.

MembertoMember(“M-to-M”)TransactionsAffirmationofM-to-MTransactionInitiatedTransactionswillautomaticallybemadeavailabletothecounterSellingReportingMemberforitsaffirmation.CountersellingReportingMembermayaffirm,rejectand/orleaveun-affirmsuchinitiatedtransactionsthroughan“AffirmationScreen”ofUn-ListedTFCReportingModulewithinDTS.

OnceInitiatedTransactionisposted,suchtransactionwillautomaticallybemadeavailabletothecountersellingReportingMemberforitsaffirmation.Afterverifyingalldetails,SellingReportingMemberwillAffirmtheInitiatedTransaction.However,incasewhereSellingReportingMemberisaBCM,ClientCodeshallberequiredbeforeAffirmation.OncetheInitiatedTransactionisAffirmed;suchtransactionshallbeconsideredasa“ReportedTransaction”.

9M-to-M

TransactionsAffirmationScreen

10Un-ListedTFCReportingModule

B.

ClienttoClient(“C-to-C”)TransactionsFollowingDetailswillbeenteredbytheReportingMemberintheReportingModuleforreportingofC-to-CTransaction:Un-ListedTFCSymbol;Un-ListedTFCName;BuyerClientCodeforBCMOnly;(suchClientCodeshouldbepre-registeredinNCSSUINDatabase;SellerClientCodeforBCMOnly;(suchClientCodeshouldbepre-registeredinNCSSUINDatabase);Quantity;NotionalRateorValueasagreedbetweenthepartiestothetradebeingreported;andSettlementDate(settlementshallbebetweentheReportingMembers).

OncetheTransactionisposted;suchtransactionshallbeconsideredasa“ReportedTransaction”

11C-to-CTransactionReportingScreen

12Un-ListedTFCTransactionsReport

13Un-ListedTFCTransactionsReport

14Un-ListedTFCReportingModuleUn-ListedTFCReportedTransactionsshallbeDisseminated:ThroughNCCPL’sWebsite;andThroughStockExchangesDisseminationofReportedTransactionsshallnotcontaintheinformationoft