The Saudi Exchange Company has welcomed SNB Capital as the first Derivatives Market Maker for MT30 Index Futures. 

 

SNB Capital is the investment banking and asset management arm of Saudi National Bank, providing clients with integrated investment services. 

 

The market making commencement ceremony was attended by Mohammed Al Rumaih, CEO of the Saudi Exchange Company and Loai Bafaqeeh, Head of Securities Division of SNB Capital. 

 

Bid and ask quotes

SNB Capital will provide bid and ask quotes for Index Futures contracts, supporting the development of the Derivatives Market in line with Vision 2030’s Financial Sector Development Programme by ensuring the availability of market liquidity, and enhancing the depth of the order book. 

 

Al Rumaih said: “As a market maker, SNB Capital will help facilitate further trading activity, increase investor interest, and support Saudi Exchange Company mission to become an advanced capital market, in line with Vision 2030.”

 

Bafaqeeh commented: “This marks a key milestone in our journey. SNB Capital adopts a different approach towards Market Making to meet its clients’ needs and requirements, by providing institutional clients that wish to act as a Market Maker a single solution that includes custody, trading, and securities borrowing and lending services. We look forward to activating more local, regional, and global clients as Market Makers covering Equity and Derivatives markets on Saudi Exchange.” 

 

SNB Capital is a leading regional financial institution with deep industry expertise across four business lines: Asset Management, Wealth Management, Securities, and Investment Banking. Headquartered in Saudi Arabia, SNB Capital is a market leader with SR251 billion ($67 billion) of assets under management.-- TradeArabia News Service