{"id":5240,"date":"2025-06-24T20:35:30","date_gmt":"2025-06-24T15:35:30","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=5240"},"modified":"2025-06-24T20:35:30","modified_gmt":"2025-06-24T15:35:30","slug":"sbp-shifts-government-securities-auctions-to-prism-platform","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=5240","title":{"rendered":"SBP Shifts Government Securities Auctions to PRISM+ Platform"},"content":{"rendered":"

KARACHI: June 2025<\/em> \u2014 The State Bank of Pakistan (SBP)<\/a> has announced a major technological shift in how government securities are traded and auctioned. In a recent circular, the central bank confirmed that all auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), including buyback auctions, will now be conducted through the upgraded PRISM+<\/strong> platform, starting this month.<\/p>\n

The move is aimed at streamlining operations and enhancing transparency in the domestic financial market.<\/p>\n

Transition to PRISM+ for Government Auctions<\/h2>\n

According to the SBP, all eligible institutions will be required to submit their bids for MTBs, PIBs, and related buybacks directly through PRISM+. Each bid must be tagged with one or more government securities<\/a>, and the face value of the bid will be equivalent to the face value of the tagged securities.<\/p>\n

PRISM+ will automatically calculate the realized value of government securities based on applicable revaluation rates, market prices, and standard haircuts. If multiple securities are tagged in a single bid, the system will allocate those with the shortest remaining maturity first on a pro-rata<\/strong> basis.<\/p>\n

Open Market Operations and Corridor Facilities<\/h2>\n

The SBP also announced that all Conventional Open Market Operations (OMOs)<\/strong>\u2014including injections and mop-ups\u2014will now be conducted through PRISM+. However, Shariah-compliant OMOs and Bai Muajjal operations<\/strong> will continue under the existing mechanisms.<\/p>\n

Additionally, Conventional Reverse Repo (Ceiling)<\/strong> and Repo (Floor)<\/strong> facilities are being migrated to the TMON\/X platform<\/strong>, while Shariah-compliant corridor operations will remain unchanged.<\/p>\n

Secondary Market Trading Now on PRISM+<\/h2>\n

The PRISM+ platform is not limited to primary auctions; it also enables secondary market trading of government securities. All government securities held in SBP\u2019s custody will be available for outright and repo-based trading through the platform<\/a>.<\/p>\n

Furthermore, PRISM+ introduces a mechanism for when-issued trading of PIB-Fixed coupon bonds<\/strong>, allowing participants to trade these bonds before their official issuance.<\/p>\n

Encouraging Market Participation<\/h2>\n

The SBP has urged all market participants to take full advantage of PRISM+’s expanded capabilities. The new platform is expected to foster a more dynamic, efficient, and transparent government securities market in Pakistan.<\/p>\n

This move marks a significant step in the central bank\u2019s ongoing efforts to modernize Pakistan\u2019s financial infrastructure and promote digital transformation in capital markets<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

KARACHI: June 2025 — The State Bank of Pakistan (SBP) has announced a major technological shift in how government securities are traded and auctioned. In a recent circular, the central bank confirmed that all auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds (PIBs), including buyback auctions, will now be conducted through the upgraded […]<\/p>\n","protected":false},"author":1,"featured_media":3064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1299],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t