Muqassa signed a memorandum of understanding (MoU) with Instimatch Global to launch a repo trading platform in the Saudi capital market. Muqassa guarantees trades and provides clearing services for all securities traded on the Saudi Exchange.
Muqassa will conduct central clearing for all repo transactions on the new platform and Instimatch will be responsible for continually enhancing the trading platform in collaboration with Muqassa, ensuring its adaptation to the evolving requirements of its users.
The MoU will also allow both parties to cooperate in order to introduce new products and services in the Saudi capital market, supporting the efforts exerted for the development and diversification of the market, which come in the context of Vision 2030.
The protocol was inked on the sidelines of the third edition of the Saudi Capital Market Forum (SCMF), which is held in Riyadh between 19 and 20 February under the auspice of Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance and chair of the Financial Sector Development Program.