Riyadh - Mubasher: Saudi British Bank (SABB) has joined the Securities Clearing Centre Company (Muqassa) to conduct clearing activities in the Saudi Stock Exchange (Tadawul).

By joining the membership of Muqassa on 14 July, the bank will play a key role in offering the new clearing activities, according to the bank's disclosure to Tadawul on Sunday.

This step aims to contribute to the growth of the Saudi capital market by upgrading post-trade infrastructure, minimising counterparty risk, raising operational efficiency, and providing new financial products and service offerings.

Noteworthy to mention, on 14 July, Muqassa announced that it will begin its operations at Tadawul on 30 August 2020 after its establishment in 2018 and being licenced earlier this year.