KARACHI: The State Bank of Pakistan (SBP) has issued comprehensive revised operating rules for PRISM+, the Pakistan Real-Time Interbank Settlement Mechanism Plus, in a move aimed at reinforcing the country’s financial market infrastructure and aligning it with international best practices.
The revised rules take effect immediately and supersede the earlier PRISM Operating Rules issued under PSD Circular 02 of 2018, reflecting the significant technological and operational advancements made since that framework was established.
PRISM+ was launched in June 2025 as SBP’s upgraded Real-Time Gross Settlement (RTGS) system. A key feature of the new system is the integration of the Central Securities Depository (CSD) module with the funds settlement system, expanding the platform’s operational scope to encompass both high-value interbank fund transfers and government securities operations under a single, unified infrastructure.
The revised rulebook covers a broad spectrum of operational areas, including participation criteria, messaging standards, funds and government securities settlement processes, liquidity and risk management controls, business-day arrangements, contingency provisions, and regulatory reporting requirements. Additionally, the rules govern the issuance, auction, trading, custody, and settlement of Government of Pakistan marketable securities, as well as related liquidity operations conducted through PRISM+.
The updated framework applies to all existing and future PRISM+ participants, encompassing scheduled banks, primary dealers, preliminary primary dealers, special purpose primary dealers, development finance institutions (DFIs), Islamic banks, Islamic banking branches, and any other institution authorised by the SBP to participate in government securities markets or settlement activities.
By consolidating various operational instructions issued over the years into a single comprehensive document, the SBP aims to enhance transparency, reduce systemic risk, and ensure that Pakistan’s core payment and securities settlement infrastructure operates at a standard consistent with global regulatory expectations.
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