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Saudi Exchange Clears SNB Capital as Market Maker for Five Companies

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The Saudi Exchange cleared SNB Capital to perform market-making activities in MT30 Index Futures and Single Stock Futures on five companies, effective Aug. 19.

The companies include Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, Saudi Telecom (SASE:7010), d/b/a stc, Saudi Arabian Mining (SASE:1211), d/b/a Ma'aden, Saudi National Bank (SASE:1180), and Al Rajhi Bank (SASE:1120), according to a Wednesday release.

The approval forms part of broader measures by the Saudi Securities Clearing Centre, or Muqassa, to strengthen the country's derivatives market. The measures include lower trading, clearing and regulatory fees, and a one-year waiver on futures transaction and final settlement fees, alongside additional fee waivers.

Saudi Exchange also signed agreements with SNB Capital for several market makers, including Corvus, Binevenagh, BLS Futures, Eighteen Eight Solutions and MET Traders, which began providing liquidity in August.

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