What is CM Settlement (Clearing Member Settlement) on the PSX?
CM settlement is delivery measured at the Clearing Member (broker) level on the PSX. It is always at or below the UIN ratio, because broker-level netting also cancels trades between different clients of the same broker.
How it works
Comparing the UIN ratio with the CM ratio for the same stock exposes where netting happened. A wide gap means much of the 'delivery' netted inside one brokerage house — different clients of the same broker trading with each other.
That pattern deserves skepticism: delivery that looks real at the investor level but concentrates within a single broker can be one desk positioned on both sides rather than broad market participation.
See the live data → Settlement Confirmation dashboard
Common questions
Why is the CM ratio lower than the UIN ratio?
UIN netting only cancels trades by the same investor. CM netting additionally cancels trades between different investors who use the same broker, so less volume survives to broker-level settlement.