Tradeweb launches ATS for SAR-denominated sukuk, executes first two deals

Logo of Tradeweb Markets Inc.

Nasdaq-listed Tradeweb Markets Inc. announced on Oct. 21 the successful launch of its Alternative Trading System (ATS) for the execution of sukuk and SAR-denominated debt instruments in Saudi Arabia.

The platform has facilitated its inaugural transaction between BlackRock and BNP Paribas, with a subsequent trade between BlackRock and Goldman Sachs.

The ATS forms part of Tradeweb’s global multi-asset Emerging Markets (EM) platform, which supports more than 20 currencies across fixed income cash and derivatives markets. The addition of SAR bonds to the platform further expands Tradeweb’s EM footprint spanning Asia Pacific, Central and Eastern Europe, the Middle East and Africa, and Latin America.

The Tradeweb ATS operates under CMA supervision and is designed for professional investors, in compliance with local and global market standards. Key benefits for users include protocol diversification and alignment with local trading conventions, as well as ongoing flexibility for potential future product extension into corporate bonds, repurchase agreements, and derivatives markets, subject to regulatory consent from the CMA. Eligible clients can access the full SAR offering alongside existing EM currencies available on Tradeweb.

In July 2024, the Capital Market Authority (CMA) licensed Tradeweb to operate as an ATS for Sukuk and debt instruments, according to data compiled by Argaam.

In October 2025, the CMA announced that Tradeweb had met all regulatory requirements to commence its licensed ATS operations for Sukuk and debt instruments.