Regulatory Alerts2026-04-16 | DI&SD Circular No 01Operating Rules for PRISM+ (Pakistan Real-time Interbank Settlement Mechanism Plus)
These operating rules establish the comprehensive framework for the PRISM+ system, governing its participation, messaging, settlement processes, and risk management protocols for both funds and Government Securities. The document mandates strict compliance with SBP technical and operational requirements, including mandatory system certification, secure message signing, and liquidity maintenance across Settlement and Reserve Accounts. It further delineates procedures for gridlock resolution, business continuity, penalty conditions for non-compliance, and the integration of the Central Securities Depository module for auctions and secondary market transactions.
Operating Rules for PRISM+
Operating Rules for PRISM+
Pakistan Real-time Interbank Settlement Mechanism Plus Pakistan Real-time Interbank Settlement Mechanism Plus Digital Innovations & Settlements Department – DI&SD Digital Innovations & Settlements Department – DI&SD
[... content truncated for brevity ...]
1. Introduction
1. Introduction
1.1. Purpose
1.1. Purpose
These Rules set out the operating framework for PRISM+, covering participation, messaging, and settlement processes for both funds and Government Securities, as well as liquidity and risk management controls, business-day arrangements, contingency provisions, and reporting. These Rules set out the operating framework for PRISM+, covering participation, messaging, and settlement processes for both funds and Government Securities, as well as liquidity and risk management controls, business-day arrangements, contingency provisions, and reporting. They also govern the issuance, auction, trading, custody, and settlement of Government of Pakistan marketable securities and related liquidity operations executed through PRISM+. They also govern the issuance, auction, trading, custody, and settlement of Government of Pakistan marketable securities and related liquidity operations executed through PRISM+. These Rules consolidate the operational provisions issued by SBP from time to time and reflect the procedural enhancements introduced under DMMD Circular No. 05 of 2025. These Rules consolidate the operational provisions issued by SBP from time to time and reflect the procedural enhancements introduced under DMMD Circular No. 05 of 2025.