Samba joins Muqassa as general clearing member

15/07/2020 Argaam

Samba Financial Group (Samba) completed all regulatory and technical requirements to join Securities Clearing Center Co. (Muqassa) as a general clearing member to conduct clearing activities in the Saudi Stock Exchange (Tadawul), the bank said in a bourse statement.

 

This service will benefit the capital markets through increased operating efficiency, improved risk mitigation, and enhanced market transparency.

 

The step comes in line with initiatives of the Financial Sector Development Program (FSDP) and Vision 2030.

 

Muqassa said yesterday it will commence operations on Aug. 30, 2020, following the announcements of its establishment in 2018 and its license earlier this year.

 

In January, the Capital Market Authority (CMA) approved authorizing Muqassa to provide securities clearing services in the Kingdom.

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