Saudi “Clearance” extends repurchase agreement service hours and launches new benefits

Listen to the article. The audio text is automated, generated by an automated system

The Securities Clearing Center Company (Muqassa), affiliated with the Saudi Tadawul Group, announced the launch of a new package of fundamental improvements to the repurchase agreement service, which includes extending working hours, effective July 16, 2026.

“Muqasa” announced in a statement today, Monday, the extension of working hours for servicing repurchase agreements from 9:00 a.m. to 3:55 p.m., allowing participants additional time to implement and manage repurchase agreement operations.

The package includes a set of fundamental improvements to the repurchase agreement clearing service, including a set of incentives, a direct quote request service, early settlement, portfolio account correction, linking via the automated exchange protocol (FIXML), and security replacement, which provides participants with greater operational flexibility and enhances the efficiency of access to the repurchase agreement clearing service.

With non-banking institutions joining the repurchase agreement service through Muqassa’s “Powered Access” service, participants will have the opportunity to benefit from expanded liquidity from outside the traditional banking system.

This step contributes to neutralizing counterparty risks and increasing the depth of liquidity in the market, which supports the comprehensive modernization process of the debt market infrastructure in the Kingdom.

These improvements, in addition to extending working hours, contribute to a qualitative shift in the efficiency of the repurchase agreement clearing service.

Thanks to the complete automation of the buy-back and sell-back processes, which completely eliminates the need for manual processing by operations teams and custodians, and through the advanced “delivery versus payment” (DVP) model, participants can secure liquidity with the push of a button.

This achievement represents a consolidation of Maqasa’s mission to provide its services according to the highest standards of safety, reliability and efficiency.

Wael bin Abdullah Al-Hazzani, CEO of Maqasa, said: “These improvements embody Maqasa’s continued commitment to enhancing the efficiency, accessibility, and flexibility of the financial market infrastructure in the Kingdom. By extending working hours to service repurchase agreements and introducing a new package of improvements, Maqasa contributes to enhancing the efficiency and development of the repurchase agreement market, in a way that supports the continued growth of the debt instruments market in the Kingdom.”

This step comes as a continuation of the repo agreement clearing service, and a continuation of the company’s role in providing clearing services efficiently, safely and reliably. These improvements also contribute to developing the repurchase agreement service to become more flexible and efficient, supporting the continued development of the financial market infrastructure in the Kingdom.