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Membership
Clearing membership represents the set of elements required in its holder to provide clearing services for products traded in the Saudi Exchange. Our members gain access to clear at one of the largest exchanges in the world and the leading exchange in the MENA region based on market capitalization and liquidity.
We offer three membership categories:
- Direct Clearing Members (DCM), who are authorized to clear securities which they have traded in their capacity as an exchange member, including securities traded on their own accounts and on behalf of clients.
- General Clearing Members (GCM), who are authorized to clear securities on behalf of one or more clients, including Non-Clearing Members. GCMs may also clear securities they have traded on their own account if they are trading members.
- Non-Clearing Members (NCM), who can only clear securities through a General Clearing Member (GCM). NCMs must appoint a GCM to clear securities on their behalf.
Our membership criteria – including net capital and other requirements – helps us ensure that our members are highly capitalized and financially responsible for all their trades.
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FAQs
Who are the clearing members?
Clearing members are entities who are responsible for clearing securities traded by the entity and its clients.
What are the requirements to obtain a Muqassa membership?
An applicant that wants to apply for a clearing membership with Muqassa must meet the following criteria:
- You are an authorized person authorized by the Capital Market Authority for the purposes of the securities business regulations.
- A bank that is regulated by SAMA.
- You meet the minimum capital requirement based on the intended type of membership.
- You have the operations capacity to manage risk and operations.
- You have completed the Muqassa’s on-boarding process.
What types of memberships does Muqassa offer?
Muqassa offers three types of memberships:
- Direct Clearing member (DCM)
- General Clearing member (GCM)
- Non-Cleaning Member (NCM): Should you not wish to be/cannot be any of the above membership types. However, NCMs have to appoint only one GCM to clear their transactions.
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