Tuesday, July 14, 2020 at 9:30 AM
Tue Jul 14, 2020 09:30
The Securities Clearing Center Company (Muqassa), announces today that it will commence operations on 30/08/2020 corresponding to 11/1/1442H. Post the announcements of its establishment in 2018 and its license earlier this year. Muqassa aims to further support the growth of the Saudi capital market by improving the post-trade infrastructure, contribute to reducing counterparty risk, increase operational efficiency, and enable the introduction of new financial products and service offerings.
The establishment of Muqassa is one of the Financial Sector Development Program (FSDP) initiatives, under the Kingdom Vision 2030, that also supports the commencement of derivatives trading on Tadawul. The clearing service will start with the Exchange Traded Derivatives, clearing MT30 Index Futures Contract on 30/08/2020 corresponding to 11/1/1442H, and other markets to follow at latter stage.
