Tuesday January 21 2020

News Source: Global Exchanges

Focus: Clearing & Settlement

Type: General

Country: Saudi Arabia

Link: https://bit.ly/30JQp5A




On 14th January 2020, the Capital Market Authority (CMA) Board issued its resolution to authorize Securities Clearing Center Company (Muqassa) to provide securities clearing services in the Kingdom, and to be designated as a Qualified Central Counterparty.

Licensing (Muqassa) is a key enabler to clear the upcoming Derivatives Market; the planned launch is in the first quarter of this year. Also, qualifying Muqassa as a QCCP will provide benefits that contribute to the reduced capital requirements for Muqassa members.

Muqassa is one of the Financial Sector Development Program (FSDP) initiatives, aiming to further enhance operational efficiency in the market, and reduce counterparty risk in alignment with international practices.

Click on the above link for further information.