CCP12 - The Global Association of Central Counterparties – welcomes Securities Clearing Center Company (Muqassa) as Primary Member.
The Executive Committee of CCP12 accepted in its latest Executive Committee meeting the Securities Clearing Center Company (Muqassa) as a Primary Members of CCP12. The decision is directly linked to the operations commencement of Muqassa on 30th of August 2020.
Muqassa was established in 2018 as a closed joint stock company fully owned by the Saudi Stock Exchange (Tadawul). In January 2020, the Capital Market Authority issued a resolution to authorize Muqassa to conduct clearing services in the Capital Market as the first Qualified Center Counterparty (QCCP) in Saudi Arabia. In August 2020, Muqassa announced the commencement of its operations by clearing exchange-traded derivatives that will extend to other markets at latter stages.
“We are delighted to have Muqassa as a Primary Member of CCP12. In the past, they have contributed to our various projects and we look forward to further successful collaboration.” said Mr. Kevin McClear, Chairman of CCP12.
“Tadawul & Muqassa joined CCP12 in 2017, to be closer to the clearing community and benefit from the best practice in the industry. The support and cooperation with CCP12 and its members has been very helpful and we are certain to contribute further to CCP12’s development with our experience as a new established clearing house.” said Mr. Wael Abdullah Al-Hazzani, Chief Executive Officer of Muqassa.