Saudi Exchange Company welcomes SNB Capital as the first Derivatives Market Maker for MT30 Index Futures

Riyadh, 9 July 2023: The Saudi Exchange Company welcomed SNB Capital as the first Derivatives Market Maker for MT30 Index Futures. SNB Capital is the investment banking and asset management arm of Saudi National Bank, providing clients with integrated investment services. The market making commencement ceremony was attended by Mohammed Al Rumaih, CEO of the Saudi Exchange Company and Loai Bafaqeeh, Head of Securities Division of SNB Capital.

As the first Derivatives Market Maker on the Saudi Exchange Company, SNB Capital will provide bid and ask quotes for Index Futures contracts, supporting the development of the Derivatives Market in line with Vision 2030’s Financial Sector Development Program by ensuring the availability of market liquidity, and enhancing the depth of the order book.

Speaking on the occasion, Mohammed Al Rumaih, CEO of Saudi Exchange Company said, “We are pleased to welcome SNB Capital as the first Derivatives Market Maker to the Saudi Exchange’s Derivatives market. As a market maker, SNB Capital will help facilitate further trading activity, increase investor interest, and support Saudi Exchange Company mission to become an advanced capital market, in line with Vision 2030.”

Loai Bafaqeeh, Head of Securities of SNB Capital commented: “We are proud to be the first Market Maker in Derivatives Market for MT30 Index Futures, which marks a key milestone in our journey. SNB Capital adopts a different approach toward Market Making to meet its clients’ needs and requirements, by providing institutional clients that wish to act as a Market Maker a single solution that includes custody, trading, and securities borrowing and lending services. We look forward to activating more local, regional, and global clients as Market Makers covering Equity and Derivatives markets on Saudi Exchange.”

SNB Capital is a leading regional financial institution with deep industry expertise across four business lines: Asset Management, Wealth Management, Securities, and Investment Banking. Headquartered in Saudi Arabia, SNB Capital is a market leader with SAR 251 billion of assets under management.

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