Securities Clearing Center Company (Muqassa), a subsidiary of Saudi Tadawul Group, has revealed that it will pursue agreements with a number of capital market facilities (exchanges, depository, and clearing centers) in the region.
Muqassa, the only authorized entity in Saudi Arabia that can act as a clearing center, stated that the agreements will help stimulate the sharing of information and knowledge in order to build the clearing sector in accordance with global best practices.
The goal is to establish alliances that facilitate mutual working relationships, develop central clearing services, and to further advance the region’s capital markets. Muqassa was established in 2018 as a closed joint-stock company.
Wael Abdullah Al Hazzani CEO – Muqassa
“Muqassa has played a significant role in the Saudi capital market since its inception. Our future collaboration with capital market infrastructures is another step towards strengthening and developing capital markets across the region, fostering partnership, exchange of information, and skills that enable growth. We look forward to work more closely with the regional markets and explore the mutually beneficial opportunities that will be unlocked by cooperation to drive innovation, advance business development, and ultimately increase the attractiveness of our markets.”
According to the statement. “Muqassa contributes to the Saudi capital market by lowering post-trade risks, providing a centralized counterparty risk management and develop clearing services in accordance with international risk management practices.”
The announcement highlights Muqassa’s strategic focus on enhancing mutual cooperation between capital market infrastructures in the region in order to improve financial markets through reliable and efficient clearing practices at par with the most advanced capital markets in the world.
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