The Securities and Exchange Commission of Pakistan (SECP) has approved a regulatory framework to facilitate inter-exchange trades in listed term finance certificates (TFCs) to introduce a broker-to-broker (BTB) functionality at the Bonds Automated Trading System (BATS). Last year, BATS was revamped along the lines of Bloomberg-based E-Bond with various system enhancements aimed at facilitating price discovery in listed debt instruments and price negotiation between market participants in line with international standards.
This system, however, was equipped only to support trading between brokers/investors of a stock exchange where such TFCs were listed and did not facilitate inter-exchange trading in TFCs listed on other stock exchanges.
