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Saudi Muqassa commences operations

Saudi Muqassa commences operations
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Riyadh – Mubasher: The Securities Clearing Center Company (Muqassa) announced on Sunday the commencement of its operations, post the announcements of its establishment in 2018 and its license earlier this year.

Muqassa is responsible, as an independent clearinghouse, for developing clearing services and guaranteeing the settlement for all trades executed on the Saudi Stock Exchange (Tadawul) and over the counter (OTC) under its coverage.

The clearing service will take place over several stages, starting with the Exchange Traded Derivatives clearing at this stage and other markets to follow at later stages, according to an official statement.

In addition, Muqassa will introduce new mechanisms to the market to reduce post-trade risks, provide centralised counterparty risk management and offer clearing services in line with international practices.