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Kuwait’s CMA awards market maker licence to KMEFIC

Kuwait’s CMA awards market maker licence to KMEFIC
The service will be launched within two months after KMEFIC runs the requisite technical tests.
KMEFIC
KMEFIC
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Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) has received the Capital Markets Authority’s (CMA) preliminary approval for a six-month market maker licence, starting from 19 May, until 18 November.

After that, KMEFIC will obtain a three-year renewable market maker licence after completing all regulatory procedures, according to the CMA’s statement.

As a market maker, KMEFIC must ink a deal with Boursa Kuwait Securities Company and specify the stocks which will be a market maker for them— up to 25 companies according to the CMA’s approval.

The service will be launched within two months after KMEFIC runs the requisite technical tests.

Boursa Kuwait previously offered the market maker services in a bid to develop the market, boost liquidity, and streamline the market’s institutional performance.

In the first quarter of 2019, KMEFIC’s profits surged 54.3% year-on-year to KWD 322,380 from KWD 208,960.