Tadawul to implement new “Trade at Last” session next Sunday

The Saudi Stock Exchange (Tadawul) plans to implement a “Trade at Last” session as an additional new session following the closing auction, a Tadawul statement said.

This is “in line with its strategic plans to further develop the capital market and foster an attractive investment ecosystem for local and international investors as well as all market participants,” the statement added.

The session will be effective next Sunday (May 12, 2019), and will be applicable for both the main market and Nomu – parallel market as well as tradable rights.

Accordingly, the new Trade at Last session will extend for 10 minutes immediately after the Closing Auction session and will start at 3:10 p.m. (Riyadh time) and end at 3:20 p.m. (Riyadh time).

During the Trade at Last session, orders are entered and matched at the last traded price formed in the Closing Auction and only at that price (closing price).

“Many regional and international markets apply a Trade at Last session, which is an important milestone for the Saudi market especially within Saudi Arabia’s inclusion in international Emerging Market indices,” Khalid Al Hussan, chief executive officer of Tadawul, said.

“We are also introducing this session as part of Tadawul’s strategic plans to enhance the market’s microstructure and build an advanced capital market characterized by flexibility, liquidity, and transparency,” he added.

Introducing a dedicated session after the Closing Auction will provide participants with an extended period to fulfil their buying/selling interests after the Closing Auction at a formed price, the Tadawul statement added.

In addition, Trade at Last caters to the needs of institutional investors and facilitates tracking closing prices for passive investors.