Securities Clearing Center Company (Muqassa) Announces the Commencement of Operations
Sunday, August 30, 2020 at 3:32 PM
Sun Aug 30, 2020 15:32
The Securities Clearing Center Company (Muqassa), announced today the commencement of its operations, post the announcements of its establishment in 2018 and its license earlier this year.
As an independent clearinghouse, Muqassa is responsible for developing clearing services and guaranteeing the settlement for all trades executed on Tadawul and over the counter under its coverage. The clearing service will take place over several stages, starting with the Exchange Traded Derivatives clearing at this stage and other markets to follow at latter stages. Muqassa will introduce new mechanisms to the market to reduce post trade risks, provide centralized counterparty risk management and offer clearing services in line with international practices.