Bahrain Clear, a fully owned subsidiary of Bahrain Bourse, has signed a Memorandum of Understanding (MoU) with Muqassa, the Securities Clearing Centre Company in Saudi Arabia fully owned by the Saudi Tadawul Group. 

 

The MoU seeks to foster the exchange of information and experiences in order to develop central clearing in both countries, as well as to explore collaboration opportunities concerning central clearing development and training services. 

 

The MoU is in line with GCC countries’ joint efforts to strengthen the link between systems and institutions in the capital markets sector.

 

The agreement was signed by Shaikh Khalifa bin Ebrahim Al-Khalifa, Vice Chairman and Managing Director of Bahrain Clear and Wael Al-Hazzani, CEO of Muqassa.

 

 

Shaikh Khalifa commented on the occasion: “This MoU clearly defines the goal and purpose of our collaboration and establishes a formal channel of information exchanges, 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.

 

Al Hazzani stated: "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.  In addition, this agreement establishes a foundation for effective cooperation between the Muqassa and Bahrain Clear to explore training opportunities and various areas of development in securities depository with the aim of creating new opportunities to achieve mutual benefits for both parties and fulfil the objectives of the MoU."-- TradeArabia News Service