Muqassa seals major Saudi clearing cooperation deal
RIYADH, January 22, 2022
Securities Clearing Center Company (Muqassa), one of the key subsidiaries of Saudi Tadawul Group, has announced that it will be pursuing partnerships with several capital market infrastructures (exchanges, depository and clearing centres) in the region.
The only authorised entity that can act as a clearing center in Saudi Arabia, Muqassa said these deals will help catalyze the exchange of information and knowledge to develop clearing business in alignment with global best practices.
The objective is to establish partnerships that facilitate mutual working relationships, to develop central clearing services, and to further advance the region capital markets, it added.
CEO Wael Abdullah Al Hazzani said Muqassa had been playing 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," he noted.
According to him, Muqassa contributes to the Saudi capital market by reducing post-trade risks, provide a centralized counterparty risk management and develop clearing services in accordance with international risk management practices.
Today’s announcement highlights Muqassa’s strategic focus on strengthening mutual cooperation between capital market infrastructures in the region to advance financial markets through reliable and efficient clearing practice at par with the most advanced capital markets in the world, stated Al Hazzani.
"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," he added.
