In compliance with the directive received from the Securities & Exchange Commission of Pakistan as well as the decision taken by the Board of Directors thereon, the management of the Exchange has decided to implement the undisclosed trading system from Monday, October 7, 2002.
With the implementation of this system, the identity of the trades, both before and after execution of such trades will not be available to the members. However, in order to address various problems which may be faced by the members as a result of the implementation of this system, particularly in relation to cancellation of trades, the management has devised separate procedure to facilitate the members which are enclosed below.
PROCEDURE FOR CANCELLATION OF REGULAR TRADES/COT
The Market Control and Surveillance Department (MC&SD) will receive application from the Brokerage House in writing for cancellation of regular trades/COT within trading hours on its letterhead duly stamped and containing the ticket number, symbol and number of shares and transaction rate.
The MC&SD will obtain the consent of the counter party in writing.
The MC&SD after getting the confirmation of the counter party and verifying the transaction details will cancel the regular trade/COT.
In case of unwillingness of the counter party to cancel the regular trade/COT, the MC&SD will inform the applicant Brokerage House in writing that the cancellation cannot be made.
