Tadawul approves Merrill Lynch KSA as market maker for 8 listed firms on TASI, Nomu

Logo of The Saudi Exchange Co. (Tadawul)

Saudi Exchange (Tadawul) approved Merrill Lynch KSA’s request to conduct market-making activities on a number of companies listed on the Main Market (TASI) and the Nomu-Parallel Market, starting Nov. 28.

The companies include Walaa Cooperative Insurance Co., Batic Investments and Logistics Co., Saudi Reinsurance Co. (Saudi Re), Knowledge Tower Trading Co., Al Sagr Cooperative Insurance Co. and United Cooperative Assurance Co. (UCA) on TASI, in addition to Saudi Top for Trading Co. and Armah Sports Co. on Nomu.

Tadawul noted that Merrill Lynch KSA will adhere to established market-making rules and procedures.

For Walaa, market-maker obligations include maintaining a 70% minimum order presence, a SAR 75,000 minimum order size, a 0.75% price spread cap, and a ≥5% minimum value traded.

For Batic, market-maker obligations include maintaining a 50% minimum order presence, a SAR 150,000 minimum order size, and a 2% max price spread. A minimum traded value is not applicable.

For Saudi Re, market-maker obligations include maintaining a 70% minimum order presence, a SAR 75,000 minimum order size, a 0.75% max price spread, and a ≥5% minimum value traded.

For Knowledge Tower, market-maker obligations include maintaining a 50% minimum order presence, a SAR 50,000 minimum order size, and a 5% max price spread, with no minimum traded value applicable.

For UCA, market-maker obligations include maintaining a 70% minimum order presence, a SAR 50,000 minimum order size, a 0.75% max price spread, and a ≥5% minimum value traded.

For Al Sagr, market-maker obligations include maintaining a 70% minimum order presence, a SAR 75,000 minimum order size, a 0.75% max price spread, and a ≥5% minimum value traded.

For Saudi Top, requirements are a 50% order presence, a SAR 50,000 minimum order size, and a 5% spread cap. A minimum traded value is not applicable.

For Armah, requirements are a 50% order presence, a SAR 50,000 minimum order size, and a 5% spread cap. A minimum traded value is not applicable.