Pakistan Mercantile Exchange



3B, 3rd Floor, Bahria Complex IV, Ch. Khalique-uz-Zaman Road, Gizri, Karachi – 75600, Pakistan










April 2002 and Business commenced in May 2007


Electronic Trading



Pakistan Mercantile Exchange Limited (PMEX) is Pakistan’s first and only multi-commodity futures exchange, which is licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP). Its shareholders include National Bank of Pakistan, Pakistan Stock Exchange (PSX), LSE Financial Services Limited, ISE Towers REIT Management Company Limited, Pak Kuwait Investment Co, and Zarai Taraqiati Bank. The Exchange offers a diverse range of domestic and international commodities and financial futures. With a sophisticated infrastructure and state-of-the-art technology, PMEX provides a complete suite of services i.e. trading, clearing & settlement, custody as well as back office, all under one roof.

Types of Membership

Universal Member: This membership entitles the Company to be able to offer trading facility in all available commodity contracts. It is worth PKR 3.5 Mn.

Commodity Specific Member: A Commodity Specific Membership is based upon a chosen commodity within which the member will be able to trade and offer trading services for his clients. It is worth PKR 1 Mn.






Cash Settled


Mini Gold Contract

Tola Gold Contract

Milli Tola Gold Contract


Gold 100 gram Contract

Gold Kilo Contract

Gold (50 & 100 Tola)

Gold 1 (oz, 10 oz & 100 oz US $ denominated)

Silver  (5000, 500 oz,100 oz &10 oz  Us $ denominated)

Copper (1,000 & 25,000 pounds)

Platinum (5 & 50 oz)

Palladium (100 oz)



WTI Crude Oil (10, 100 & 1,000 barrel) US $ denominated

Brent Crude Oil (10, 100 & 1,000 barrel) US $ denominated

Natural Gas (1,000 & 10,000 mmbtu)


IRRI-6 Rice

Weekly IRRI-6

Palm Olein



Red Chilli













US Equity NSDQ 100 Index Futures Contract
US Equity Industrial Index Futures Contract
US Equity 500 Index Futures Contract

Japan Equity Index ( US$ 1& 5)


Management Profile


Managing Director

Ejaz Ali Shah is the Managing Director of Pakistan Mercantile Exchange Limited. He has over two decades of diversified experience in domestic and international financial markets.

Previously, he served for 16 years as General Manager at Central Depository Company of Pakistan Limited (CDC). As a part of CDC’s founding team, Mr. Shah played a vital role in developing, positioning and nurturing CDC as a diversified service provider in Pakistan.

Before CDC, Mr. Shah has served in Cordoba Corporation, USA and Fidelity Investment Bank Limited, Pakistan. He also served as the National Chair for International Public Relations Association (IPRA) for the years 2010-11.

Mr. Shah graduated from the University of Oklahoma with Bachelor of Business Administration (MIS).


Chief Financial Officer & Company Secretary

Farhan Tahir is Chief Financial Officer & Company Secretary at PMEX. He joined PMEX in November 2007 as Manager Compliance. Prior to joining PMEX, he was working in KPMG Taseer Hadi & Co. Chartered Accountants as Manager Audit.

He is an associate member of Institute of Chartered Accountants of Pakistan.


Head of business Development

Hasan Mahmood joined PMEX in February 2004. He is the Head of Product Development and Agri Business. He has been involved in designing of various futures contracts listed at PMEX and business development activities. He has over 13 years of experience in capital markets of Pakistan. He started his professional career in 1996 from National Investment Trust (NIT), the largest open-ended mutual fund of Pakistan and gained extensive experience of funds management, equity trading desk, equity analysis & valuation and preparing company and sectorial research reports. He also represented NIT as its nominee director on the Boards of a number of listed companies.

He is an MBA from Quaid-i-Azam University, Islamabad. He also holds a Masters Degree in Mathematics.


Chief Operating Officer

Shehzad Hussain Makhani joined PMEX in 2004 and was a key member of the team that launched the First Commodity Futures Exchange in Pakistan in 2007. Prior to operations of the Exchange, he was involved for development of standard operating procedures and guidelines for various core department include Business Process and Assurance, Market Operations, Clearing and Settlements, Custodial Service, Membership, Customer Support Service (CSS) and Market Surveillance departments.

In 2007, Shehzad was assigned responsibilities to supervise In-house Clearing House function along with Custodial Services with an additional role of Business Analyst for development of Exchange Trading System (NEXT) and Back Office System (CSR) for clearing and settlement function. In 2010, he was promoted as Head of Operations to oversee Market Operations, Clearing and Settlement and CSS Functions of Exchange. Prior to COO, he has served as Head of Risk and Market Surveillance.

Since 2017, as the Chief Operating Officer (COO) of PMEX, he oversees overall operations of the Exchange including designing and implementation of business strategies, plans and procedures. He evaluates and manage the principal risks of the Exchange’s business within operations and establishes policies that promote company culture and vision.

Shehzad is an associate member of Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP) and also Certified Information System Auditor (CISA) of Information System Audit Control Association (ISACA).

Prior to joining the Exchange, Shehzad had completed four years mandatory training under Chartered Accountants Bye-Laws from M/S KPMG Taseer Hadi & Co., Chartered Accountants in April 2004 and gained extensive experience in financial and IS audits of various companies, local and multinational entities including financial institutions.


Head of Internal Audit

Kashif Shahzad joined PMEX in September 2017 as a Head of Internal Audit. Shahzad has completed his mandatory training under Chartered Accountants Bye-Laws from M/S KPMG Taseer Hadi & Co., Chartered Accountants in April 2010. Shahzad has over 3 years of experience of functions such as Internal Audit, Accounts and Corporate Secretarial Practices with one of the listed brokerage houses. He has also worked as Manager Finance with a NGO funded by UNAIDS and The Global Fund. Shahzad is an associate member of Institute of Chartered Accountants of Pakistan (ICAP) and Pakistan Institute of Public Finance Accountants (PIPFA).


Head of Human Resource

Faiza Hussain is the Head of Human Resource of Pakistan Mercantile Exchange Limited. She has joined PMEX in October 2017 and has been assigned to revamp the organizational culture and people.

Previously, she had worked for multiple startup ventures of PlanetN Group of Companies, Deloitte Pakistan, Berlitz Pakistan, Mercer Canada, Royal Bank of Canada where she gained and experienced core functions of Human Capital & Marketing.

She is currently an Executive MBA student at Institute of Business Management (IoBM) in Karachi, Pakistan. Prior to this, all of her schooling and higher education has been completed from Toronto, Canada. She holds a Business Administration – Human Resources 3 year Advanced Diploma equivalent to 3 years BBA accredited by HEC Pakistan.


Chief Regulatory Officer

Syed Mumtaz Ali is working as Chief Regulatory Officer since August 2015 at PMEX. Prior to becoming the Chief Regulatory Officer, he was the Chief Compliance Officer of PMEX since August 2015. He joined PMEX in October 2013 as Manager Internal Audit. He has over 20 years of professional experience. Prior to joining PMEX, he worked for the Central Depository Company of Pakistan (CDC) for 11 years. He played a vital role in devising scope of compliance audit of Stock Brokers besides being part other key projects including Business Continuity certification (BS25999).

He has conducted various training programs for the education of brokers. He has also undertaken various courses on internal audit, leadership, time management and business communication. Before CDC, he was associated with E&Y Ford Rhodes Sidat Hyder, Chartered Accountants.

Mr. Ali is a diversified professional and has been contributing towards the development of PMEX.


Head of Operations

Tariq Nafees has been associated with PMEX since 2007and is currently heading the Operations department.

Over the years, Tariq has played a pivotal role in the development of standard operating procedures and guidelines of the Market Operations and Clearing & Settlement.

He obtained his Master’s Degree from University of Karachi and has over 20 years of experience across diverse industries such as – edible oil, technology, textile and machinery.


Chief Risk Officer

Muhammad Shahzeb is the Chief Risk Officer of Pakistan Mercantile Exchange Ltd. He is responsible for overseeing Enterprise wide Risk strategy and formulating policies and procedures to ensure continuous adequacy of risk management models and their adherence to international standard.

Mr. Shahzeb is a seasoned Financial Risk Management professional certified by GARP (Global Association of Risk Professionals, USA) and maintains certificates from Society of Actuaries USA (SOA). Moreover, he holds a Bachelors in Actuarial Sciences and Risk Management from University of Karachi.

Mr. Shahzeb has been associated with Institute of Business and Management (IOBM) as a visiting Faculty member in department of Actuarial Sciences and Risk Management.