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|18 March, 2019

Bahrain Clear signs accord for dual listing

The agreement aims to identify and standardise the operational, administrative and technical procedures between Saudi Arabia and Bahrain

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

REUTERS/Hamad I Mohammed

MANAMA: Dual listing of securities in the Saudi and Bahrain capital markets has got a fillip with the signing of an agreement between the two countries securities registrars.

The memorandum of understanding (MoU) signed by Bahrain Clear vice-chairman and managing director Shaikh Khalifa bin Ibrahim Al Khalifa and Securities Depository Centre Company (Edaa) chief executive Mamdooh Al Sedairy aims at strengthening co-operation in the dual-listing of securities between Saudi Arabia and Bahrain, said a statement.

Bahrain Clear is a fully-owned subsidiary of Bahrain Bourse while Edaa, wholly-owned by Saudi Stock Exchange (Tadawul), is solely responsible for providing custody, registration, clearing and settlement services for securities traded on the Saudi exchange.

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The agreement aims to identify and standardise the operational, administrative and technical procedures between the two countries, and establish effective co-operation on dual listing of securities in both markets.

This will be achieved through the exchange of information and data related to ownership registry, transactions carried out by brokers, members, or investors, transfer of securities, and updating securities ownership registry in both countries.

Shaikh Khalifa said the co-operation is expected to increase Bahrain Bourse’s attractiveness to foreign investors, enhance liquidity and boost investor trading.

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