Muqassa to strengthen clearing cooperation with regional markets through a series of MOUs

Securities Clearing Center Company, Muqassa, one of Saudi Tadawul Group’s subsidiaries and the only authorized entity that can act as a clearing center in the Kingdom, has announced that it will be pursuing partnerships with several capital market infrastructures (exchanges, depository and clearing centres) in the region. Wael Abdullah Al Hazzani, CEO of Muqassa said: “Muqassa has played a significant role in the Saudi capital market since its inception. Our future collaboration with capital market infrastructures is another step towards strengthening and developing capital markets across the region, fostering partnership, exchange of information and skills that enable growth.” “We look forward to work more closely with the regional markets and explore the mutually beneficial opportunities that will be unlocked by cooperation to drive innovation, advance business development and ultimately increase the attractiveness of our markets.” Al Hazzani continued. Muqassa contributes to the Saudi capital market by reducing post-trade risks, provide a centralized counterparty risk management and develop clearing services in accordance with international risk management practices. Today’s announcement highlights Muqassa’s strategic focus on strengthening mutual cooperation between capital market infrastructures in the region to advance financial markets through reliable and efficient clearing practice at par with the most advanced capital markets in the world.