What is Off-Market / NDM (Negotiated Deal Market) on the PSX?
The Negotiated Deal Market (NDM) is PSX's channel for off-market trades: large block deals privately negotiated between two parties and then reported through the exchange, without passing through the regular order book.
How it works
Because the buyer and seller agree terms directly, off-market deals reveal deliberate, sized positioning — a sponsor selling a stake, an institution accumulating a block, or a cross between related parties. Price and volume of each deal are disclosed.
A block deal is hard evidence of large positioning in a name, which is why flow-attribution models weight off-market activity heavily when guessing where institutional money moved.
See the live data → Off-Market Transactions dashboard
Common questions
Do off-market trades affect the quoted market price?
Not directly — they execute outside the order book, often at a premium or discount to the screen price. The deal price itself is informative: a block crossing above market suggests a motivated buyer.