The Saudi Stock Exchange (Tadawul) on Monday announced it has signed an agreement with US-based Nasdaq to upgrade its post-trade technology infrastructure.

 

Under the deal, Nasdaq will replace Tadawul’s current registry, depository and settlement systems, which were implemented in 2001, the bourse said in a statement.

 

The upgrade is expected to be completed during the second half of 2020.

 

Besides introducing a new central counterparty clearing solution, Tadawul said the agreement would enable both it and market participants to introduce new asset classes to the market and offer new services to investors. 

 

Meanwhile, Nasdaq will continue to support the existing trading and market surveillance technology at Tadawul, the statement said.

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