(Muqassa) Announces Obtaining CMA License as a Qualified Center Counterparty (QCCP)
The Securities Clearing Center Company (Muqassa) announces that the Capital Market Authority (CMA) Board has issued its resolution number (1-5-2020) Dated (17/5/1441H) Corresponding to (12/1/2020G), to authorize Muqassa to conduct clearing services in the Saudi Capital Market as the first Qualified Center Counterparty (QCCP) in Saudi Arabia, to clear securities traded in the exchange along with other products in the Saudi Capital Market. Licensing (Muqassa) is a key enabler to clear the upcoming Derivatives Market; planned to launch in the first quarter of this year. Also, Qualifying (Muqassa) as a (QCCP) will provide benefits that contribute to reduce capital requirements for Muqassa members. Muqassa establishment is one of the Financial Sector Development Program (FSDP) ninitiatives, aiming to further enhance operational efficiency in the market, and reduce counterparty risk in alignment with international practices. For more information about Muqassa, please visit the website here.