RIYADH, December 4 (CIC) – The Saudi Stock Exchange, Tadawul, said on Monday that it has signed a deal with Nasdaq to modernise Tadawul’s post-trade technology infrastructure, including registry, depository and risk management technologies.
These upgrades, which will be implemented by the second half of 2020, will replace existing solutions that were first implemented in 2001, said a statement posted on the Tadawul website.
NASDAQ will continue to support the existing trading and market surveillance technology at Tadawul, according to the statement. The move will enable both Tadawul and market participants to introduce new asset classes to the market and offer new services to the investors, the statement added.
The statement said that “these changes will increase efficiency, effectiveness and further growth of the market, supported by a modern flexible and efficient technology that reduce risks in the Post-Trade area in compliance with international best practices and standards.”
Tadawul, the 26th largest stock market in the world, comprises 48 per cent of total GCC market capitalisation and 73 per cent of value traded. It is the sole entity operated to list and trade securities in Saudi Arabia.