SNB Capital and QMM Join Forces to Boost Saudi Exchange Liquidity and Growth

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SNB Capital and QMM have signed an agreement that will enable QMM to commence market-making activities on the Saudi Exchange as the first market maker on the largest listed company in the Saudi Exchange, Saudi Aramco through SNB Capital as an exchange member, executing broker and custodian.

This agreement was activated recently through a Market-Making Commencement ceremony held by Saudi Exchange with the attendance of Magdi Shannon QMM CEO, Loai Bafaqeeh, Head of the Securities Division at SNB Capital, and Nayef Alathel, Chief of Listing at Saudi Exchange.

This collaboration between two of the region’s most prominent firms in their respective industries sets the stage for increased liquidity and enhanced trading opportunities in the Saudi capital market. By combining their expertise, resources, and market knowledge, they both aim to further bolster the development and growth of the financial sector in the Kingdom.

Magdi Shannon, CEO of Q Market Makers, expressed his enthusiasm about the collaboration, stating: “We are thrilled to join forces with SNB Capital, a powerhouse in the Saudi Arabian financial landscape. This alliance not only cements our commitment to expanding our footprint in the region but also reinforces our dedication to providing efficient and robust market-making services. This collaboration presents a unique opportunity for us to leverage our capabilities and contribute to the development of the Saudi Exchange. We are confident that our partnership will foster liquidity, enhance market efficiency, and attract more investors to Saudi Arabian issuers.”

SNB Capital, the leading exchange member for 2022 in terms of value traded, provides a comprehensive solution for its counterparties such as QMM who are qualified and would like to act as market makers through SNB Capital on the Saudi Exchange. This solution includes low-latency trade execution via electronic channels, independent custody services and securities borrowing and lending.

Loai Bafaqeeh, Head of Securities at SNB Capital, shared his thoughts on the collaboration, stating: “At SNB Capital, we have always been committed to driving innovation and growth in the Saudi capital market, as well as enabling activities which contribute to Vision 20230. Our agreement with QMM aligns strongly with our vision to enable such new opportunities in the capital market. This agreement will not only facilitate greater depth, improved liquidity conditions and lower transaction costs for investors through an experienced market maker like QMM; but will also foster a more dynamic and vibrant trading environment. “

Both entities are committed to working closely with regulatory authorities to ensure a seamless and successful implementation of their respective roles in constant compliance with the regulatory requirement of the Saudi Exchange and the Captial Market Authority.