|16 January, 2020

Saudi CMA approves clearing center rules

The rules also govern rights and obligations between the clients and the clearing members

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Riyadh – Mubasher: The Saudi Securities Clearing Center Company (Muqassa) announced that the board of the Capital Market Authority (CMA) has approved the securities clearing centre rules and procedures.

The rules regulate the clearing members responsibilities and enhance Muqassa’s role as a Central Counterparty (CCP) clearing house in the Saudi capital market, according to a statement to the Saudi Stock Exchange (Tadawul).

The rules also govern rights and obligations between the clients and the clearing members, that will contribute to develop clearing services in accordance with international practices, enhance market stability, reduce the post trade risks and enable the introduction of new financial instruments and services.

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