Dubai Clear, a subsidiary of the Dubai Financial Market (DFM), and the Securities Clearing Centre Company “Muqassa”, a subsidiary of Saudi’s Tadawul Group, will create a framework to strengthen collaboration and share knowledge on central clearing services as well as to actively explore ways of enhancing these services in line with international best practices.
The Memorandum of Cooperation signed by Fatma bin Qedad, General Manager of Dubai Clear, and Wael Abdullah Al Hazzani, CEO of Muqassa, also stresses exploring collaboration opportunities in central clearing development and training, and jointly organizing events.
Fatma bin Qedad said, “The Memorandum heralds a new stage of wide-ranging cooperation for the benefit of various market participants and strengthen investment activities in capital markets of Dubai and the Kingdom of Saudi Arabia.”
“We look forward to implementing the MoC to create an efficient framework for knowledge and information sharing as well as to support the two companies’ drive to achieve their strategic objectives relating to embracing best practices of central clearing,” she said.
Al Hazzani said the agreement is “another step in our journey” to work with regional clearing houses and strengthen regional capital market infrastructures.
Dubai Clear has expanded its services to include equities and derivatives, offering its members a complete equity product suite in a secured and regulated market infrastructure framework. Muqassa contributes to the Saudi capital market by reducing post-trade risks, provide a centralized counterparty risk management and develop clearing services in accordance with international best practices.