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Our Services
We reduce post-trade risk, provide a centralized counterparty risk management service, and develop clearing services in accordance with international best practices.
What is clearing?
Clearing is the process of guaranteeing and confirming transactions prior to settlement. A clearing house, like Muqassa, acts as an intermediary between two parties to a securities trade, by becoming the buyer to each seller and the seller to each buyer. We become responsible for guaranteeing the settlement of the transaction – meaning the trading parties no longer need to worry about the counterparty risk.
Clearing Overview
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Clearing Overview
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What are the Key benefits of Muqassa?
Improve the integrity of the market
By introducing new mechanisms to guarantee the settlement of trades.
Strengthen market infrastructure
By providing the support needed for markets to grow.
Increase operational efficiencies
By ensuring settlements are complete and all parties meet their obligations.
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Clearing Services
Cash Market
Muqassa provides central counterparty clearing services for all securities traded on the Saudi Exchange, including equities, sukuk, bonds, ETFs and REITs.
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Derivatives Market
Muqassa also offers central counterparty clearing services for derivatives traded on the Saudi Exchange.
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Repo Clearing Service
Muqassa offers a repurchase agreement clearing service (known as REPO), which is a short-term secured loan in exchange for a security guarantee, enabling safe and effective money lending or borrowing.
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Learn More About Clearing
Educational videos
Our educational videos help explain the ins and outs of the clearing and settlement process.
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FAQs
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): Members who do not wish to be/cannot be any of the above membership types. However, NCMs have to appoint only one GCM to clear their transactions.
What Is Clearing?
Clearing is the process of guaranteeing and confirming transactions prior to settlement. A clearing house, like Muqassa, acts as an intermediary between two parties to a securities trade, by becoming the buyer to each seller and the seller to each buyer. We become responsible for guaranteeing the settlement of the transaction – meaning the trading parties no longer need to worry about the counterparty risk.
What is the scope of Muqassa’s clearing guarantee?
Through its risk management mechanisms, Muqassa can guarantee settlement between its members and the obligations fulfilled by each party prior to settlement.
Who are the clearing members?
Clearing members are entities who are responsible for clearing securities traded by the entity and its clients.
Will Muqassa clear all securities traded on the Saudi Exchange?
Yes, Muqassa clears all securities listed on the Saudi Exchange, however it holds the right to exempt certain securities from clearing, subject to CMA approval. Muqassa can also clear securities traded off the market.
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Risk management
We reduce post-trade risk, provide a centralized counterparty risk management service, and develop clearing services in accordance with international best practices.
Margin Methodology
Muqassa collects margins based on risks in the cleared portfolios (market risk, liquidity risk, etc.) and not on the credit risk of the clearing member.
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