Karachi June 12 2025: Pakistan Central Bank has deployed PRISM+ System for conducting auctions of government securities, open market operations and handling of secondary market activities.
PRISM+ is a new interface that has been developed for efficient conduct of auctions and market operations Accordingly, following changes are being made in procedures related thereto:
- Auctions of Government Securities: All auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), including their buyback auctions, will be conducted through the PRISM+.
- Open Market Operations: Conventional Open Market Operations (Injections, and Mop-up) will be conducted through PRISM+. However, Shairah Compliant OMOs as well as Bai Muajjal will continue to be conducted through the existing mechanism.
In respect of Conventional OMOs conducted through PRISM+, following changes in the procedures are being introduced:
a. All eligible institutions will submit bids at PRISM+. They will tag one or more than one government securities with each bid.
b. The face value of the bid will be considered equal to face value of tagged/offered government securities.
c. The realized value of the government securities will be calculated by PRISM+ based on applicable revaluation rates, prices, and haircuts.
d. In case of multiple securities tagged with the bid subject to pro-rata, the government securities having shortest remaining life/maturity will be allocated first toward pro-rata.
- Interest Rate Corridor Facilitates: Conventional Reverse Repo (Ceiling) and Repo (Floor) facilities will be offered through new TMON/X platform. Shariah Compliant Corridor facilities will, however, continue to be conducted as per existing procedure.
- Secondary Market Activities:
a. The PRISM+ also offers a platform for secondary market outright and repo based trading of government securities. All government securities held in custody of SBP will be available for trading.
b. The PRISM+ also provides mechanism for when-issued trading of PIB-Fixed coupon bonds before auctions.
c. All participants are encouraged to utilize the secondary market trading platform offered as part of PRISM+.
- General Instructions:
a. Auction/OMO announcements and results will be visible on Bloomberg/Refinitiv in addition to PRISM+.
b. All participants will continue to send Auction, OMO and Corridor deal confirmation letters to SBPBSC-Karachi Office through existing DAP mechanism.
c. The timings for SBP liquidity facilities will be in sync with operational timings of PRISM+ announced from time to time.
