PSX glossary
The terms you will meet when choosing and using a Pakistan Stock Exchange broker, in plain language.
TRECTrading Right Entitlement Certificate
The certificate the Pakistan Stock Exchange issues to a broker that gives it the right to trade on the exchange. The PSX publishes a register of TREC holders with each broker's status (for example Active, or Trading Terminals Suspended). A broker you deal with should be listed as Active.
UINUnique Identification Number
The number that identifies an investor across the Pakistani market. It is registered with the National Clearing Company (NCCPL) when you open a trading account, and every trade you make is recorded against it. PSX ranks brokers monthly by the number of new UINs they register.
CDCCentral Depository Company of Pakistan
The depository that holds listed shares in electronic form. Your shares sit in a CDC sub-account opened through your broker, or in a CDC Investor Account that you control directly. Brokers usually pass CDC charges on to clients at cost.
NCCPLNational Clearing Company of Pakistan Limited
The clearing house that settles trades made on the Pakistan Stock Exchange and maintains investors' UINs. Some regulatory charges brokers list, such as NCCPL fees, are collected on its behalf.
MTSMargin Trading System
A market financing system that lets an investor buy shares while paying only part of the price, with the rest financed for a period. Brokers that offer it charge financing or roll-over costs, which appear on their tariff sheets separately from brokerage commission.
PSX minimum commissionPSX notice PSX/N-1258
The standard brokerage range set by PSX notice PSX/N-1258, effective 14 October 2019: a minimum of 3 paisa per share or 0.15% of the trade value, whichever is higher, up to a maximum of 2.5%. Many brokers post this notice rather than their own rate; this site labels such entries as the PSX minimum, not the broker's tariff.
Roshan Digital Account
A State Bank of Pakistan scheme that lets non-resident Pakistanis open a Pakistani bank account online and invest, including in shares listed on the PSX through participating brokers.
Sahulat account
A simplified trading account for individual investors with lighter account-opening requirements and lower investment limits than a regular account. Not every broker offers it.
Trading and self-clearing broker
A broker that both executes trades and settles them itself through the clearing house. A trading-only broker executes trades but settles through another clearing member. The PSX register lists each broker's category.