Riyadh – The Securities Clearing Center Company (Muqassa), one of Saudi Tadawul Group Holding Company's subsidiaries and the only authorized entity that can act as a clearing center in the Kingdom, has been awarded the Arab Federation of Capital Markets (AFCM) award for the Best Clearinghouse in the Region 2022 by The Global Economics. This award recognizes The Securities Clearing Center Company (Muqassa) commitment to providing clearing services in accordance with international risk management practices, supporting the growth and development of capital markets in the region.
Commenting on the achievement, Wael Abdullah Al Hazzani, CEO of The Securities Clearing Center Company (Muqassa) said: “We are honored to receive this prestigious award from the Arab Federation of Capital Markets. Since our inception in 2018, we have been working to build the infrastructure and systems of a technologically advanced, diverse, and integrated capital market in Saudi Arabia. Looking ahead, we will continue to pursue strategic partnerships with key players in the region and explore new opportunities to expand our clearing services beyond the Saudi capital market.”
Since establishment, The Securities Clearing Center Company (Muqassa) has achieved several milestones, including launching wide set of products, services and enhancements covering cash market, derivatives market as well as REPO clearing services and signing Memorandums of Understanding with several GCC and regional clearing houses to strengthen cooperation and growth opportunities, further demonstrating its commitment to providing innovative and efficient solutions to increase the attractiveness of the Saudi capital market.
About The Securities Clearing Center Company (Muqassa)
The Securities Clearing Center Company (Muqassa) was established in 2018 as a closed joint stock company fully owned by the Saudi Tadawul Group, with a capital of (SAR 600,000,000). The Securities Clearing Center Company (Muqassa) will contribute to reduce Post-Trade risks, provide centralized counterparty risk management, and develop clearing services in accordance with international practices to align with advanced global capital markets, which in turn will attract investors to the market.
