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. Furthermore, these changes will increase efficiency, effectiveness and further growth of the market, supported by a modern flexible and efficient technology that reduces risks in the post-trade area in compliance with international best practices and standards.

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."

"The ambition of Tadawul to become an innovative, world-leading exchange company is not only admirable but inspiring to our industry," said Adena Friedman, President and CEO, Nasdaq. "By addressing the demand to overhaul, modernize and evolve its post-trade infrastructure, this demonstrates a clear vision by Tadawul to attract capital - both domestic and foreign - and present Riyadh as a major financial destination with best-in-class technology operating at its core. As a long-term partner, we are proud to be supporting Tadawul in their ambitious efforts and incredibly bright future."