The Securities Clearing Center Company (Muqassa) commenced operations today, Aug. 30, 2020, following the announcement of its establishment in 2018 and grant of license earlier this year.
In addition, the Saudi Stock Exchange (Tadawul) launched the derivatives market today, with the MT30 Index futures traded as the first exchange-traded derivatives product.
Read: Saudi Arabia begins derivatives trading, MT30 Index futures debut today
As an independent clearing house, Muqassa is responsible for developing clearing services and guaranteeing the settlement for all trades executed on Tadawul and over the counter under its coverage.
The clearing service will take place over several stages, starting with the Exchange Traded Derivatives clearing at this stage and other markets to follow at latter stages.
Muqassa will introduce new mechanisms to the market to reduce post trade risks, provide centralized counterparty risk management and offer clearing services in line with international practices.
In January this year, the Capital Market Authority (CMA) approved authorizing Muqassa to provide securities clearing services in the Kingdom, Argaam reported.
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