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Saudi Stock Exchange signs post-trade tech agreement with Nasdaq

First Published 4th December 2017

Nasdaq to deliver new cash and derivatives clearing, central securities depository (CSD) and post-trade risk management technologies

Riyadh and Stockholm - The Saudi Stock Exchange (Tadawul) and Nasdaq have officially signed an agreement to transform Tadawul's post-trade technology infrastructure, which includes registry, depository and risk management technologies. In addition to the post-trade area, Nasdaq will continue to support the existing trading and market surveillance technology at Tadawul.

The new post-trade technology, will replace Tadawul's current registry, depository, clearing and settlement solution, which was implemented in 2001. In addition to introducing a new central counterparty clearing solution, this transformation will enable both Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors.

This transformation is expected to be complete during second half of 2020.

"We are very keen on investing in cutting-edge technologies to offer a fast and efficient Post Trade platform," said Eng. Khalid Abdullah Al-Hussan, CEO, The Saudi Stock Exchange (Tadawul). "This crucial step goes hand in hand with all the market enhancements we have undertaken to integrate securities trading in Saudi Arabia with global equity markets and enhance post trade infrastructure and efficiency for local and foreign investors."

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