SBP issues revised PRISM+ rules, replaces 2018 framework for settlements, govt securities

The State Bank of Pakistan (SBP) has issued revised operating rules for its real-time settlement system PRISM+, replacing the earlier 2018 framework and setting out updated procedures for funds and government securities transactions.

The new rules, effective immediately, define the operational structure of PRISM+, including participation criteria, messaging standards, settlement processes, liquidity management, risk controls, and reporting requirements.

PRISM+, launched in June last year as the country’s upgraded real-time gross settlement system, integrates a Central Securities Depository module with funds settlement, expanding its scope to include both cash and securities operations.

According to the central bank, the revised rules incorporate feedback from stakeholders and reflect changes in system design to align with international standards.

The framework governs the issuance, auction, trading, custody, and settlement of government marketable securities conducted through PRISM+, along with related liquidity operations.

It also consolidates various operational instructions issued over time and formalises updated procedures for efficiency, settlement finality, and business continuity.

The rules apply to scheduled banks, primary dealers and their sub-categories, development finance institutions, Islamic banks and branches, and other entities authorised by the SBP to participate in government securities markets and settlement activities.

The central bank said the updated framework is aimed at strengthening financial market infrastructure and supporting secure and efficient transaction processing across the system.