Tradeweb has expanded its alternative trading system to cover Sukuk and Saudi Riyal (SAR)-denominated debt instrument execution.
The company was licensed by the Capital Market Authority (CMA) to provide the country’s regulated electronic bond market infrastructure in Q1 2024. Pending further approval from the CMA, the company has the potential to expand its offering to corporate bonds, repo agreements and derivatives.
Raed AlHumaid, deputy of market institutions at the CMA, commented, “This is an important step in enhancing the secondary market for debt instruments, while broadening the investor base and expanding the range of products available in the Saudi capital market.
“This initiative aligns with CMA’s strategic direction to position the Kingdom’s capital market among its leading global counterparts. Enriching market access, enhancing transparency, and strengthening post-trade infrastructure will contribute to this initiative.”
BlackRock and BNP Paribas executed the first transaction using the service. BlackRock has also used the platform to trade with Goldman Sachs.
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