Bahrain Clear, a fully owned subsidiary of Bahrain Bourse, has signed a Memorandum of Understanding (MoU) with Muqassa, the Securities Clearing Center Company in Saudi Arabia fully owned by the Saudi Tadawul Group.
The MoU, signed by Shaikh Khalifa bin Ebrahim Al Khalifa, Vice Chairman and Managing Director of Bahrain Clear and Mr. Wael Al Hazzani, CEO of Muqassa, seeks to foster the exchange of information and experience in order to develop central clearing in both countries, as well as to explore collaborative opportunities concerning central clearing and training services.
It is worth noting that the MoU is in line with the GCC countries’ joint efforts to strengthen the link between systems and institutions in the capital markets sector.
Shaikh Khalifa bin Ebrahim Al Khalifa VC & MD Bahrain Clear
“This MoU clearly defines the goal and purpose of our collaboration and establishes a formal channel of information exchange, broadening the cooperative area in terms of business development and innovation. The MoU will encourage initiatives for further practical cooperation, resulting in significant benefits for both exchanges, including efficiency resulting in enhanced liquidity.“
“We look forward to working with Muqassa to strengthen cross-border connectivity and financial ecosystems in Bahrain and Saudi Arabia, further intensifying the strong bilateral ties between both kingdoms.” Shaikh Khalifa added.
Mr. Al Hazzani said that ‘’Bahrain Clear and Muqassa share the privilege of satisfying our respective capital markets industries, and we both acknowledge the significance of that role, which prompted the start of our collaborative efforts. This MoU is a true testament to our mutual dedication to promote a fair and competitive trading environment.“
