Ban on current CFS Mk-II proposed |
RECORDER REPORT |
Tuesday, 3 Mar, 2009 4:14 am |
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KARACHI : The Continuous Funding System (CFS) committee has proposed to ban the existing CFS Mk-II and Deliverable Futures in the country's stock exchanges with immediate effect. The committee has proposed to introduce Cash Settlement Futures (CSF) and other investor-friendly products of international standards.
The CFS committee in its meeting held here on Monday decided that the final proposal in this regard would be sent to the Securities and Exchange Commission of Pakistan (SECP) during this week for approval. Earlier, the committee in its last meeting had agreed to phase out the CFS Mk-II product from the local bourses. The committee was constituted by the Securities and Exchange Commission of Pakistan (SECP) to review CFS Mk-II in its entirety, including risk management, eligible securities, and margin requirements.
The meeting was presided over by Shehzad Naqvi, CEO of Royal Bank of Scotland (RBS). All committee members from all three stock exchanges, National Clearing Company of Pakistan, Mutual Fund Association of Pakistan (MUFAP) and other stakeholders attended the meeting.
The committee reviewed the product and agreed to remove the CFS Mk-II and Deliverable Futures. It proposed to introduce new Cash Settlement Futures and other investor-friendly products of international standards.
The participants of the meeting were of the view that any other product can not be promoted in the presence of the existing CFS Mk-II and Deliverable Futures. Therefore, they suggested to completely replace the existing CFS Mk-II and Deliverable Futures with Cash Settle Futures and other products.
Copyright Business Recorder, 2009
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