20 July 2018
Visit www.gemalto.com

Saudi Stock Exchange signs post-trade tech deal with Nasdaq

04 December 2017  |  2205 views  |  0 Source: Nasdaq

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. 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."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit info.nice.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12214 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10103 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9811 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9549 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9370 views 19 comments | 14 tweets | 30 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY - USA

Find your next job