Saudi Gazette report

RIYADH — National Commercial Bank, a prominent Saudi bank and leading financial institution in the Middle East, said on Tuesday that it has 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 move is in line with initiatives of the Financial Sector Development Program and Vision 2030, 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 statement added.

Earlier in the day, Muqassa said it would commence operations on Aug. 30, 2020. Muqassa was established in 2018 and granted the license earlier this year.

Muqassa aims to further support the growth of the Saudi capital market by improving the post-trade infrastructure, contribute to reducing counterparty risk, increase operational efficiency, and enable the introduction of new financial products and service offerings.