Stocks Observer. com

* No fresh take-up in CFS Mk-II shall be allowed from today ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to discontinue CFS Mk-II and deliverable futures products in the best interests of the capital markets in Pakistan. This discontinuation measure will be effective from Wednesday (today). CFS Mk-II will be phased-out in three working cycles of 22 business days. Therefore, the complete phase-out will be completed in 66 working days. Starting from April 8, 2009, no fresh take-up in CFS Mk-II shall be allowed. Furthermore, no new contracts will be opened in the deliverable futures market from April 20, 2009. The commission shall coordinate with the stock exchanges to develop effective futures products in line with best international practices. The commission shall also strive to implement alternative financing products to cater for the financing and leveraging needs of market participants. During the recent market turmoil and afterwards, a majority nu...