Riyadh: The Securities Depository Center Company (Edaa) signed today a Memorandum of Understanding (MoU) with Euroclear Bank SA/NV. The MoU was signed by Mamdooh Al Sedairy, CEO of Edaa and Bernard Ferran, General Manager of Europe, Middle East, Africa and CIS at the Financial Sector Conference (FSC).
The agreement falls within the framework of cooperation between the two parties, aiming to support the creation of the right conditions for developing the local capital market in the Kingdom of Saudi Arabia. This will enable the creation of cross-border links between the depositories and enhancing access for the international and domestic investors.
Mamdooh Al Sedairy, CEO of Edaa, said: “This partnership reflects Edaa’s commitment to ongoing contribution in enhancing the capital market through enhancing the investment environment for all investors and market participants. We realize the important role played by depositaries in promoting cross-border investment relations as a vital gateway for foreign and local investments”
Mr. Bernard Ferran commented: “We are extremely pleased to sign this MoU with the Securities Depository Center. This is a powerful first step in this market becoming Euroclearable which can help it expand its institutional investor base and drive further capital market efficiencies."
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About The Securities Depository Center Company (Edaa)
The Securities Depository Center Company (Edaa) is a closed joint stock company fully owned by Tadawul. The Depository Center main activities include registering investment portfolios in the deposit and settlement system; ownership registration, deposit, transfer, settlement, and registry of ownership limitations for deposited securities. In addition to linking market members and settlement agents with the deposit and settlement system. For more information please visit www.edaa.com.sa
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