The Saudi Stock Exchange (Tadawul) plans to set up a clearing center over the coming period, after successfully implementing the T+2 settlement cycle, said CEO Khalid Al-Hussan, speaking at a conference in Riyadh on Tuesday.
In response to whether Tadawul will launch a new market heavyweights benchmark, Al Hussan said there are currently no plans for launching new indices. However, existing benchmarks will be developed further in the future, he added, without specifying when.
As part of measures to attract more foreign investment, the Saudi bourse also plans to introduce equity futures and options in about 24 months, Hussan told Reuters last month, adding that this would provide hedging tools for foreign institutional investors.
The Kingdom is seeking foreign investment ahead of the planned listing of state-owned oil giant Saudi Aramco next year, as well as the Saudi market’s potential inclusion in MSCI’s emerging market index.
Be the first to comment
Comments Analysis: