Banque Saudi Fransi joins Muqassa as general clearing member

Logo of Banque Saudi Fransi

Banque Saudi Fransi (BSF) announced joining the Securities Clearing Center Co. (Muqassa) as a general clearing member on July 26 to perform clearing activities for traded securities and derivatives in the Saudi Exchange (Tadawul), the bank said in a bourse filing.

The move comes in line with the initiatives of the Financial Sector Development Program and Vision 2030.

The membership will help the bank play a major role in providing the new clearing services.

Muqassa was established in May 2018 as a closed joint stock company wholly owned by the Saudi Stock Exchange (Tadawul) with a capital of SAR 600 million, Argaam reported.

In January 2020, the company was licensed by the Capital Market Authority (CMA) to provide securities clearing services. It aims to develop future clearing services in the Saudi capital market in accordance with the international risk management standards.