Edaa, the central securities depository (CSD) of the Saudi bourse, has announced the launch of Edaa Connect, a platform designed for investor access to mutual funds in the Saudi capital market. Among its benefits, it provides enhanced tools for fund manager operations and gives greater visibility and access to a broader investor base.
Hanan Mohammad Alshehri, CEO of Edaa, said in a statement: “The launch of the Edaa Connect platform represents a groundbreaking advancement for investors and fund managers. This innovative platform will revolutionize portfolio management and decision-making, streamline the investment process, and deliver unparalleled efficiency. Aligned with the Financial Sector Development Program’s objectives, Edaa Connect will significantly enhance the investment experience and support the ongoing development of the Saudi capital market.”
The platform complements existing market offerings by focusing on funds not listed on the Saudi Exchange. This approach ensures Edaa Connect provides a comprehensive and tailored experience for investors, enhancing the usability and relevance of the mutual fund market for diverse participants.
The Edaa Connect launch was announced during the Capital Markets Forum in Riyadh, which this year will also spotlight liquidity in secondary bond markets, securities lending, and the evolving role of derivatives in Saudi Arabia.
Khalid Al-Hussan, chief executive officer of Saudi Tadawul Group, said in a statement “As Saudi Arabia’s financial landscape evolves at an unprecedented pace, this conference provides a distinguished platform to engage with leading global market experts. We remain committed to strengthening collaboration with international partners to support the Kingdom’s vision of becoming a leading financial hub.”
Bryan Pascoe, chief executive of the International Capital Market Association (ICMA), said in a statement: “Saudi Arabia’s capital markets are experiencing rapid growth and diversification. The further potential is vast and our collaboration with both domestic and international partners around this event aims to support this momentum by sharing global best practices and fostering deeper market integration.”
Andrew Dyson, chief executive of the International Securities Lending Association (ISLA), said in a statement: “This collaborative event welcomes local and international market participants to leverage our work and help further develop a deep and liquid capital market in the Kingdom, which has already seen exponential growth in recent years.”
Scott O’Malia, chief executive of the International Swaps and Derivatives Association, said in a statement: “Saudi Arabia is making big strides in the development of its capital markets – particularly with the work to draft netting legislation, which is a key foundation for safe and efficient derivatives transactions. Through our collaboration with ICMA, ISLA and the Saudi Tadawul Group, we’re looking forward to engaging with regulators and market participants to discuss next steps to ensure deep and liquid derivatives, repo and securities lending markets.”
Other announcements included:
- Securities Clearing Center Company (Muqassa) and FIS Global signed a Memorandum of Understanding to provide the required technologies to support participants in the Saudi Derivatives market. In addition, Muqassa announced a partnership with OSTTRA for a front end to clear interest rate swaps initially.
- Wamid, Tadawul’s applied technology services business, and Google Cloud will collaborate to launch and develop capital market data products.
- Saudi Exchange and Jakarta Futures Exchange (JFX) signed a Memorandum of Understanding to provide JFX members with access to the Saudi Exchange.