Riyadh - Mubasher: The Securities Clearing Center Company (Muqassa) will begin its operations on 30 August 2020 after its establishment in 2018 and its licence earlier this year.

Muqassa aims to support the growth of the Saudi capital market through improving the post-trade infrastructure, contribute to limit counterparty risks, enhance the operational efficiency while expanding in adding new services and products, according to a statement on Tuesday.

The foundation of Muqassa is one of the Financial Sector Development Program (FSDP) initiatives, launched under the Saudi Vision 2030, and one of the key pillars of the Saudi bourse derivatives market.

The clearing service will start when Tadawul launches the derivatives market next month to start trading of the kingdom's first exchange-traded derivatives, clearing the MT30 futures on 30 August, with other markets set to follow at later stages.