Agent or Accredited Agent means a person appointed by a Broker to act on his behalf for the purposes recognized by the Exchange and registered with the Commission under the Brokers and Agents Registration Rules, 2001.
Blank Sale means a sale by a Broker on his proprietary account or on client’s account when the Broker or client does not own shares or the sale does not constitute a sale with pre-existing interest or is a sale without entering into a Securities Lending and Borrowing Contract to meet delivery requirements on settlement date.
Broker means a TRE Certificate Holder of the Exchange engaged in the business of executing transactions in Securities for his own account or on account of his clients and is registered with the Commission as a Broker under the Brokers and Agents Registration Rules, 2001.
CDC means the Central Depository Company of Pakistan Limited and its successors in interest.
CDS means the Central Depository Systems established and operated by the CDC.
Clearing Day means the clearing day fixed by the Exchange from time to time.
Clearing House means the Clearing House established and operated by the Exchange.
Closing Price means the price determined as per methodology prescribed under chapter 19 of PSX Regulations.
Commission means the Securities and Exchange Commission of Pakistan.
Contract means standardized contract eligible for trading as a single or multiple thereof in the respective Markets on the terms and conditions defined under the relevant chapters of these Regulations as amended from time to time.
Corporate Brokerage House means the TRE Certificate Holder being a private or a public company incorporated under the Ordinance and registered as a Broker with the Commission.
Cross Trade means the trade executed either between the two clients of the same Broker or a client and his Broker’s proprietary account through the Trading Systems.
Debt Securities or Debt Market Securities Include Corporate Debt Securities such as Term Finance Certificates (TFCs), SUKUK Certificates Sharia Compliant Bonds, Registered Bonds, Corporate Bonds, Commercial Papers, Participation Term Certificates (PTCs), collateralized Securities and all kinds of debt instruments issued by any Pakistani or foreign company or corporation registered in Pakistan.
Defaulter means a TRE Certificate Holder declared as a defaulter by the Exchange under chapter 21 of these Regulations.
Derivative Contracts means Deliverable Futures Contract, Cash Settled Futures Contract, Stock Index Futures Contract and Index Options Contract.
Exposure means at any point in time, security-wise and client-wise cumulative net unsettled amount of purchases and sales, of a Broker (including proprietary trades) under each Markets determined in accordance with chapter 19 of PSX Regulations.
IPF means the Investors Protection Fund of the Exchange governed and operated by the Trustees of IPF Trust under its Trust Deed and these Regulations.
Leveraged Market means the market for offering any of the Leverage Market Contracts as defined under the Securities (Leveraged Markets and Pledging) Rules, 2011.
Mark-to-Market Loss or MtM Loss means an amount payable by a Broker at any point in time during a trading day on account of trades executed on behalf of its clients, as well as its proprietary unsettled position in any security, to the Clearing House or NCCPL due to the difference between the Transaction Price, on trade to trade basis, of the unsettled position in each security and the Closing Price of that security.
Mark-to-Market Profit or MtM Profit means amount receivable by a Broker at the end of each day on account of contracts executed on behalf of its clients, as well as its proprietary unsettled position in any security, from Clearing House or NCCPL due to the difference between Transaction Price, on trade to trade basis, of the unsettled position in each security and the Daily Settlement Price of that Security.
NCCPL means the National Clearing Company of Pakistan Limited.
Ready Delivery Contract or Ready Market Contract means trade/ transaction in a Security executed between a buyer and a seller in the Ready Delivery Contract Market or Odd Lots Market established under these Regulations and ready for settlement either on T+1 or T+2 Settlement Day as specified by the Exchange and shall not include Derivative Contracts.
Short Sale means a sale by a Broker, on his Proprietary Account or on Client’s Account, not owning securities at the time of sale or the sale without constituting a Pre-Existing Interest, but having SLB Contract executed through SLB Market at NCCPL in accordance with its Regulations / Procedures to meet delivery requirements on the settlement date.
Sub-Account means a sub -account as defined under the CDC Regulations, as amended from time to time.
T+2 or T+1 means the abbreviations that refer to the settlement date of Security transactions, where T stands for trade or transaction day on which it takes place. The numbers 1 and 2 denote the number of days after the transaction day at which the settlement will take place.
