Investment bank and asset manager SNB Capital has achieved the status of a direct clearing member with Muqassa, a securities clearing centre company, in the derivative market.
Musqassa announced in a press release that SNB Capital met all regulatory and technical requirements to secure this position.
Muqassa, part of the Saudi Tadawul Group, was founded in 2018 under Saudi Arabia’s Financial Sector Development Program. It functions as the country’s primary clearing house, aiming to mitigate post-trade risk and offer centralised counterparty risk management. Additionally, it seeks to advance clearing services in line with international standards.
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