The National Clearing Company of Pakistan Limited (NCCPL) has announced significant changes to the list of securities eligible for Pakistan’s Margin Trading System (MTS), removing Pioneer Cement Limited (PIOC), At-Tahur Limited (PREMA), and Secure Logistics-Trax Group Limited (SLGL) following its latest quarterly review. The revised MTS and Margin Eligible Securities (MES) lists will come into effect from July 30, 2026, while the removal of the three securities from the MTS framework will be effective from August 17, 2026.
The quarterly review was conducted under the provisions of the NCCPL Regulations 2015, with the mandatory 15-day advance notice provided to market participants. Clearing members have been advised to adjust their trading positions and collateral holdings before the revised framework becomes operational.
HMB, NCPL and NPL Added to MTS List
As part of the quarterly review, NCCPL has added three companies to the list of securities eligible for the Margin Trading System.
The newly included securities are Habib Metropolitan Bank Limited (HMB), Nishat Chunian Power Limited (NCPL), and Nishat Power Limited (NPL). All three securities will be eligible for margin trading with a contract duration of 60 days.
Following the latest revision, a total of 70 securities now qualify for MTS and MT(R) transaction margins.
NCCPL also retained 12 securities under the applicable relaxation criteria despite those companies not fully meeting the standard eligibility benchmarks. The majority of eligible securities continue to carry a 60-day contract period.
However, Crescent Star Insurance Limited (CSIL) and TPL REIT Fund I (TPLRF1) will remain eligible only for 30-day contracts, with TPLRF1 also subject to additional restrictions regarding its use as collateral for margin trading transactions.
Pioneer Cement, PREMA and SLGL to Exit MTS
Three securities will cease to qualify for the Margin Trading System from August 17, 2026.
According to NCCPL, Pioneer Cement Limited (PIOC) no longer satisfies the free-float requirement, which requires companies to maintain either more than 25% free float of issued capital or at least 40 million free float shares.
Meanwhile, At-Tahur Limited (PREMA) and Secure Logistics-Trax Group Limited (SLGL) failed to meet the required 22nd percentile benchmark, even after the application of available regulatory relaxations.
Market participants with leveraged positions in these securities have been advised to unwind their exposures before the effective removal date.
The review reflects NCCPL’s objective of ensuring that only sufficiently liquid and actively traded securities remain eligible for leveraged trading facilities.
Margin Eligible Securities List Also Updated
Alongside the MTS review, NCCPL has also updated the list of Margin Eligible Securities (MES) accepted as collateral by clearing members.
Four securities have been added to the collateral framework under Category B:
- Abbott Laboratories (Pakistan) Limited (ABOT)
- Clover Pakistan Limited (CLOV)
- Crescent Star Insurance Limited (CSIL)
- Thal Limited (THALL)
At the same time, 12 securities have been removed from the MES lists.
NCCPL stated that the primary reasons for their exclusion include impact costs exceeding 2% or failure to rank among the top 200 securities under the prescribed eligibility criteria.
Clearing members have been instructed to ensure that all pledged collateral complies with the revised lists before July 30, 2026, to avoid valuation or settlement issues.
Category Changes Announced
The quarterly review also introduced several category changes within the collateral framework.
Crescent Steel and Allied Products Limited (CSAP) has been upgraded from Category B to Category A after its market impact cost declined below the required threshold of 1%, indicating improved market liquidity.
Meanwhile, the following securities have been downgraded from Category A to Category B after recording higher impact costs:
- Bank Makramah Limited (BML)
- Gharibwal Cement Limited (GCWL)
- Lucky Core Industries (LCI)
- Secure Logistics-Trax Group Limited (SLGL)
- Soneri Bank Limited (SNBL)
- The Organic Meat Company Limited (TOMCL)
- Waves Corporation Limited (WAVES)
These adjustments reflect changes in trading liquidity and market activity observed during the review period.
ETFs, Money Market Funds and Bank Guarantees Remain Eligible
NCCPL has continued to accept nine Exchange Traded Funds (ETFs) as eligible collateral for clearing and settlement purposes.
The eligible ETFs include conventional, sector-specific, and Shariah-compliant investment products, providing clearing members with diversified collateral options.
In addition, 26 open-end money market and Islamic money market funds will continue to qualify as acceptable collateral.
The updated framework also retains 22 commercial banks approved to issue Bank Guarantees that may be used as collateral, with most institutions maintaining AAA long-term credit ratings assigned by VIS Credit Rating Company and PACRA.
Strengthening Market Stability
NCCPL’s quarterly review forms an important part of Pakistan’s capital market risk management framework by ensuring that securities eligible for leveraged trading continue to meet prescribed standards relating to liquidity, free float, and market activity.
Regular reviews of both the Margin Trading System and Margin Eligible Securities framework help strengthen market integrity, improve risk management, and maintain confidence among investors, brokers, and clearing members.
With the revised lists taking effect later this month, market participants are expected to adjust their leveraged positions and collateral arrangements to remain compliant with NCCPL regulations.