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SABB joins the Securities Clearing Center Company (Muqassa) as a General Clearing Member

July 2020

 

On the 14th of July 2020, SABB was granted approval by Muqassa to act as a General Clearing Member.

Muqassa was established as the central counterparty clearer in the Saudi Financial Markets in line with international standards. The move will see SABB join the clearing house, which is part of the Financial Sector Development Program supporting Vision 2030 goals to develop a more diversified and effective financial sector in the Kingdom.

This will facilitate the growth of the Saudi Capital Markets by improving the post-trade infrastructure, reduction of counterparty risk, optimise operational efficiency and enable the introduction of new financial products and services.

Majed Najm, Deputy Managing Director for Corporate & Institutional Banking commented “Given our leading position in the financial sector, we are committed to our role as an active partner in fulfilling the Kingdom’s aspirations. As well as our aim to help pioneer the development of the Financial Markets. We are also delighted to build on our proud legacy of supporting our customers with unrivalled service.”

This news follows Tadawul’s announcement of launching the new Derivatives market on 30Aug20. This marks the beginning of trading in Saudi Futures 30 Index (SF30) i.e. Saudi’s first exchange-traded derivatives product.

Najm added: “We’re seeing real progress in the diversity and maturity of the Kingdom’s financial markets capabilities – it’s an exciting journey and we want to keep playing an active part in it.”