Tradeweb Markets Inc. , a global leader in electronic marketplaces for rates, credit, equities, and money markets, has officially launched its Alternative Trading System (ATS) in Saudi Arabia, marking a major milestone for the Kingdom’s fixed income market. The platform, licensed by the Capital Market Authority (CMA), has already completed its first transactions between BlackRock and BNP Paribas, followed by a trade between BlackRock and Goldman Sachs.
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Billy Hult, CEO of Tradeweb, said the launch is not only a technological achievement but also a foundational moment for Saudi Arabia’s bond market, paving the way for greater international participation. Enrico Bruni, Co-Head of Global Markets at Tradeweb, highlighted that the platform combines local market expertise with Tradeweb’s global trading workflows, addressing challenges around post-trade processes and improving access for international investors.
The CMA selected Tradeweb to develop the Kingdom’s first regulated electronic bond infrastructure following a competitive tender in Q1 2024. This initiative aligns with Saudi Arabia’s strategic goals to deepen capital markets, attract foreign investment, and drive economic growth. Raed AlHumaid, CMA Deputy of Market Institutions, said the ATS enhances the secondary market, broadens the investor base, and increases product offerings while strengthening market infrastructure.
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The ATS is part of Tradeweb’s global multi-asset Emerging Markets platform, supporting over 20 currencies across fixed income and derivatives markets, further expanding Tradeweb’s footprint across Asia Pacific, Europe, the Middle East, Africa, and Latin America. Yudhveer Chaudhry of BlackRock emphasized the importance of this launch in boosting global investor access and reinforcing the Kingdom’s capital market development.
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The Tradeweb ATS operates under CMA supervision for professional investors and offers protocol diversification, adherence to local trading conventions, and flexibility for future expansion into corporate bonds, repurchase agreements, and derivatives. Eligible clients can access the full SAR offering alongside existing emerging market currencies.
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