A complete guide to understanding Pakistan’s Cash-Settled Futures: contract rules, differences, corporate adjustments, strategies, and eligible symbols.
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A CSF contract allows buying or selling of eligible underlying shares at a future date at a specified
futures price. Settlement occurs in cash, based on the difference between:
Futures Price – Final Settlement Price
| Deliverable Futures (DFC) | Cash-Settled Futures (CSF) |
|---|---|
| Physical delivery of shares | No delivery — cash only |
| Blank sale limit exists | No limit on blank sales |
| Basic Deposit of Rs 1,000,000 | No basic deposit required |
| Partial MtM profit | 100% MtM profit at T+1 |
| Forced closure on corporate action | Contract multiplier and price adjusted |
| Higher settlement risk | Lower settlement risk |
Complete list of companies eligible for Cash-Settled Futures.
| Symbol | Company Name |
|---|---|
| ACPL | Attock Cement Pakistan Limited |
| AICL | Adamjee Insurance Company Limited |
| AIRLINK | Air Link Communication Limited |
| AKBL | Askari Bank Limited |
| ANL | Azgard Nine Limited |
| ATRL | Attock Refinery Limited |
| AVN | Avanceon Limited |
| BAFL | Bank Alfalah Limited |
| BAHL | Bank Al-Habib Limited |
| BBFL | Big Bird Foods Limited |
| BFAGRO | Barkat Frisian Agro Limited |
| BFBIO | BF Biosciences Limited |
| BIPL | BankIslami Pakistan Limited |
| BNL | Bunnys Limited |
| BOP | The Bank of Punjab |
Under CSF, corporate actions such as dividends, rights, and bonus issues are handled through:
Contract Multiplier Adjustment + Contract Price Adjustment
This ensures exposure remains the same before and after the action (excluding tax impact).
| Variable | Value |
|---|---|
| Cum Price | 107.15 |
| Dividend % | 50% |
| Dividend per Share | Rs 5.00 |
| Ex-Price | 102.15 |
| Adjustment Factor | 0.95333 |
| New CSF Price | 102.93 |
| New Multiplier | 520 |
READY: 100 → 120 = 20% gain
CSF: leveraged → 75% gain