Tadawul's new enhancements to broaden capital market services, says Muqassa CEO

Muqassa CEO Wael Abdullah Al Hazzani

The new enhancements announced by the Saudi Tadawul Group will expand Securities Clearing Center Co.’s (Muqassa) services to include shares and bonds along with all traded products in the capital market, Muqassa CEO Wael Abdullah Al-Hazzani said.

Muqassa is currently serving only the derivatives market, Al-Hazzani told Argaam during a press conference held to unveil the new enhancements.

The enhancements, according to Al-Hazzani, include activating the shares and bonds markets through the ability to amend transactions for traders prior to settlement, in addition to adjusting the average transaction value and split transactions.

Among the key amendments to the settlement process will be the introduction of new SWIFT processing options by supporting the use of ISO15022 structured messages, he added, noting that the changes come in line with the best international standards.

Saudi Tadawul Group, through its subsidiaries, announced today, March 22, plans to launch a bundle of new enhancements aimed at strengthening the post-trade infrastructure, which will be implemented starting from April 3, according to Argaam's data.

The new enhancements are introduced by three of Saudi Tadawul Group’s subsidiaries: Saudi Exchange (Tadawul), Muqassa and Securities Depository Center Co. (Edaa).