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Summit Capital (Pvt.) Ltd being a Top Corporate Clearing Member of the Pakistan Mercantile Exchange Limited (PMEX) offers facilities for trading in Gold, Silver, Oil, Euro, Pound, and Yen.
The Pakistan Mercantile Exchange Limited (PMEX) is the first and only technology driven, de-mutualized, online commodity futures exchange in Pakistan. PMEX's shareholders are National Bank of Pakistan, Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock Exchange, Pak Kuwait Investment Company (Pvt.) Limited, and Zarai Taraqiati Bank Ltd. The apex regulator of PMEX is Securities and Exchange Commission of Pakistan
Summit Capital offering brokerage services for the Pakistan Mercantile Exchange Limited (PMEX), which is the country’s first and only demutualized commodity futures exchange, Marks a significant edge in the firm’s comprehensive financial services. With years of experience in the brokerage industry and a strong track record of delivering exceptional customer service.
Summit Capital is well-equipped to cater to the demands of investors looking to tap into the potential of the commodities market. By providing a reliable and efficient platform for trading in PMEX’s diverse range of commodity futures contracts, Summit Capital is enabling its clients to gain a competitive edge in this lucrative market. Its expertise in risk management, research and analysis, and investment strategies positions it as a leading player in the commodities trading landscape.
Investors can access a diverse range of commodities futures contracts through PMEX, which is regulated by the Securities and Exchange Commission of Pakistan (SECP). These include precious metals such as gold and silver, Global Indices such as NSDQ100 , DJ and JPYEQTY1, energy products such as crude oil and natural gas, and agricultural products such as cotton and wheat.
Trading in these products is conducted on a digital platform, providing investors with secure and efficient access to the commodities market. Summit Capital, with its state-of-the-art trading technology and robust risk management practices, offers its clients a secure and reliable platform to trade in these commodities. Its research and analysis team also provides valuable insights into market trends and investment strategies, allowing investors to make informed decisions while trading in the commodities market.
Sector :
PRECIOUS METAL
ENERGY
AGRICULTURE
FINANCIAL
To safeguard the interest of the investors, PMEX has introduced a unique Direct Fund Mode (DFM). Under this arrangement, the customers can deposit their margins directly with the Exchange, as well as, take withdrawal directly into their bank accounts without the involvement of broker(s). The DFM empowers the customers to get complete control over their funds at all times and restricts the role of the brokers primarily to servicing the existing customers and soliciting new businesses.
Under the DFM, all the existing trading account(s) who have traded after June 30, 2020, will be issued a 24 Digit Sub- Collection Account (SCA) at MCB. This SCA will be tagged to the trading account(s).
The SCA will be a non-checking virtual account and will only be used for the allocation of funds into PMEX designated trading account(s). Neither Customers nor PMEX will have control over the virtual account.
The SCA will reflect in the customer’s profile in Back Office (BO) application.If a customer holds multiple trading accounts, SCA will be issued and tagged against each separate trading account(s).
In case any inactive customer intends to re-activate his/her trading account, the respective broker(s) will inform PMEX for the issuance of SCA. Issuance of SCA for the new or inactive trading account(s) may take up to 7-10 banking business days. Meanwhile, customers will be able to transfer their funds through the branch deposits mechanism.
Customers can ONLY transfer funds to PMEX directly. Customers can transfer their funds to PMEX through the following ways:
. Add 24-digit SCA as “beneficiary” in the banking portal.
. Transfer funds to SCA through the banking portal.
. The funds transferred will reflect in the customer’s trading account in
. MT5 and the general ledger in the BO portal within 30 minutes.
. Online transactions such as, Inter Bank Funds Transfer (IBFT), RTGS and Intra Funds Transfer (IFT) are available through DFM.
. PMEX will not be responsible in case of any error(s) committed by the customers.
OTC transactions (Pay Orders (POs) and cheque deposits) at MCB branches are also available.
. To deposit cheques/POs, the customer will prepare a cheque in favour of Pakistan Mercantile Exchange Limited and deposit it in any branch of MCB Bank.
. For all OTC transactions, a special deposit slip “Collect Plus Deposit Slip” is mandatory. The code of the deposit slip is “MF-71” which has been made available at MCB branches.
. The customer is responsible to ensure correct information is provided while filling out MF-71 as per the following information:
Funds withdrawals requests as per current practice are initiated through the BO portal. Upon broker’s approval and successful validation at the End of Day (EoD) process, funds will be directly credited into the customer’s designated bank account within two banking days.
Following bank charges will be recovered from the customer’s approved withdrawal amount and the remaining amount will be transferred to the client’s designated bank account:
For IFT (MCB to MCB) No Charges
For IBFT (other banks to MCB - (PKR 1 to PKR 100,000) PKR 25+Tax
For IBFT (other banks to MCB -(PKR 100,001 and above) PKR 45+Tax
Any change in the bank charges is communicated to the market participants through a circular.
Summit Capital (Private.) Limited is a leading brokerage house committed to upholding the highest standards of integrity and compliance within the financial industry. As a responsible financial entity, SCPL strictly adheres to a set of regulatory guidelines designed to ensure the security and transparency of its operations. In compliance with these regulations, SCPL prohibits certain activities to safeguard the interests of its clients and maintain the integrity of the financial system. The following restrictions are in place:
SCPL strictly prohibits the use of cash in any form for trading activities. This policy is in line with regulatory standards aimed at preventing money laundering and other illicit financial activities. Clients are required to conduct all transactions through approved electronic channels to maintain transparency and traceability.
SCPL does not engage in the acceptance of deposits from clients. The platform functions solely as a trading and investment platform, and clients are urged to refrain from considering SCPL as a deposit-taking institution. This restriction is in place to prevent any confusion and to align with regulatory frameworks governing financial institutions.
In compliance with PMEX regulations, Summit Capital explicitly prohibits any promises or guarantees of fixed returns on investments. The market inherently involves risks, and SCPL emphasizes the importance of understanding and accepting these risks before engaging in trading activities. Clients are encouraged to make investment decisions based on thorough analysis and due diligence.
SCPL places a high premium on the security of its clients’ accounts. Therefore, the sharing of user IDs and passwords is strictly prohibited. Clients are advised to keep their login credentials confidential to prevent unauthorized access and potential misuse of their accounts. This measure is crucial for protecting the privacy and financial well-being of SCPL clients.
By enforcing these prohibitions, Summit Capital aims to create a secure and transparent trading environment, fostering trust among its clients and upholding the regulatory standards governing the financial industry. Clients are encouraged to familiarize themselves with these guidelines to ensure a smooth and compliant trading experience on the PMEX platform.
1. Verify the authenticity of a broker and its branches from the list of registered brokers from PMEX website (https://www.pmex.com.pk/pmexbroker/)
2. Carefully read and understand the terms and conditions along with the Risk Disclosure Document
3. Ensure that all information is accurately filled in the Account Opening Form and a signed copy of the form is retained for future reference
4. In case of any change in the information provided in the Account Opening Form, immediately communicate in writing to the Broker
5. Only deposit payments to PMEX through cross cheque or online transfer from trader’s bank account registered with PMEX
6. Ensure that broker sends daily, weekly, monthly account balance and activity statements to know the trade activity and cash balances in the trading account
7. Ensure that broker sends SMS alerts for trades and cash movement in the trading account
8. Approach PMEX in case of any complaint that remains unresolved by the broker
1. Do not deal with Brokers or their branches not registered with PMEX
2. Do not give wrong, contradictory, or incomplete information in the Account Opening Form
3. Do not issue cross cheque pay order demand draft or any other instrument in the name of the broker, or any of its employee/authorized representative
4. Do not deposit payments in cash in your account
5. Do not deposit payments through third-party cheques or online transfers from a third-party account
6. Do not be misled by alluring advertisements, rumours, hot tips, or the promises of assured returns by the Brokers or their authorized representatives
7. Do not share personal ID and password provided by the Exchange with the brokers or their authorized representatives
8. Do not surrender the right to receiving cash and trade balances reports via email and SMS
9. Do not start trading before reading and understanding the Risk Disclosure Document provided by PMEX
10. Do not give deposit by whatever name called, to any Broker or any of its employee/ authorized representative against fixed or guaranteed returns on deposits as the same is illegal and any claim in respect of such deposits would not be considered/entertained by PMEX
To open a PMEX Account with Summit Capital (Pvt.) Ltd, Kindly Contact:Ms.Seema
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