Saudi stock exchange in post-trade tech revamp with Nasdaq
The Saudi stock market is the 26th largest stock market among the 67 members of the World Federation of Exchanges
The Saudi Stock Exchange (Tadawul) has chosen Nasdaq to overhaul its post-trade technology infrastructure, which includes registry, depository and risk management technologies.
In addition to the post-trade area, Nasdaq will continue to support the existing trading and market surveillance technology at Tadawul.
The new technology will replace Tadawul’s current registry, depository, clearing and settlement solution, which was implemented in 2001.
In addition to introducing a new central counterparty clearing solution, Nasdaq says this revamp will enable both Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors. This transformation is expected to be complete during the second half of 2020.
Khalid Abdullah Al-Hussan, CEO, Tadawul, says: “This crucial step goes hand in hand with all the market enhancements we have undertaken to integrate securities trading in Saudi Arabia with global equity markets and enhance post trade infrastructure and efficiency for local and foreign investors.”
Tadawul is the “sole entity” authorised in Saudi Arabia to act as the kingdom’s securities exchange, listing and trading in securities.
The Saudi stock market is the 26th largest stock market among the 67 members of the World Federation of Exchanges and is the “dominant market” in the Gulf Cooperation Council (GCC) comprising 48% of total GCC market capitalisation and 73% of value traded.
