Tradeweb has announced the launch of a local-to-local trading and post-trade workflow on its Alternative Trading System for Sukuk and Saudi Riyal-denominated debt instruments in Saudi Arabia. The development marks a significant step in connecting electronic execution with the Kingdom’s domestic post-trade and settlement infrastructure, creating a local route for eligible professional investors and local dealers operating within the Saudi debt market.
GIB Capital and Saudi Awwal Bank executed the first transaction using the new workflow, with post-trade processing and clearing and settlement completed locally through Saudi Arabia’s Securities Clearing Center Company, Muqassa, and the Securities Depository Center Company, Edaa.
Local Workflow Connects Execution with Domestic Settlement Infrastructure
The enhancement extends the Tradeweb ATS beyond the international investor access that was established when the platform first launched. It introduces a domestic route specifically tailored to local account structures, settlement arrangements, and Saudi market trading conventions. The workflow is designed to bring more of the local SAR bond and Sukuk trading lifecycle into a connected electronic workflow, improving efficiency and providing a consistent audit trail from execution through post-trade processing.
Enrico Bruni, Co-Head of Global Markets at Tradeweb, said: “The introduction of local-to-local transactions on the Tradeweb ATS reflects the close collaboration across the Kingdom’s financial ecosystem to support a deeper, more efficient secondary market for Sukuk and SAR bonds. By connecting electronic execution with domestic post-trade infrastructure, we are making it easier for local institutions to access liquidity through a process built around their market conventions.”
Abdulhadi Shahadah, Head of Asset Management at GIB Capital, said: “Our participation in the first local-to-local transaction on the Tradeweb Saudi ATS demonstrates our commitment to market innovation that helps advance the electronification of the Kingdom’s fixed income market. This milestone gives domestic investors a new efficient way to access dealer liquidity electronically, while preserving the local settlement arrangements that are integral to the Saudi debt market.”
Mohammed Al Shaikh, Chief Treasury and Investment Officer at SAB, commented: “SAB was the first local market maker to execute a domestic KSA Sukuk trade on Tradeweb’s platform. As part of SAB’s role in providing liquidity to the market, we see clear value in an all-in-one digital trading platform that provides clients and dealers with a seamless trade lifecycle.”
First Transactions Signal Readiness of Saudi Debt Market Infrastructure
Mansour Altais, Chief of Business Development at Muqassa, said: “Muqassa’s market infrastructure serves a pivotal role through its connectivity with Tradeweb, providing a structured post-trade route for trades executed between local participants on the Tradeweb Saudi ATS. Muqassa will generate the required settlement instructions for Edaa, supporting an efficient post-trade and clearing and settlement process while aligning with the Kingdom’s established market infrastructure. Muqassa’s contribution to this initiative reflects its broader role in supporting the continued development, efficiency, and connectivity of Saudi Arabia’s debt capital market.”
The workflow is available to eligible professional investors and local dealers that meet the applicable Tradeweb, Muqassa, and Edaa onboarding and account requirements.
Tradeweb launched the Saudi ATS in October 2025 after being selected by the Capital Market Authority to build and operate the Kingdom’s first regulated electronic bond market infrastructure. The platform’s inaugural transaction at that time was executed between BlackRock and BNP Paribas. The ATS operates under Capital Market Authority supervision and supports the electronic trading of Sukuk and SAR-denominated bonds by professional investors. It forms part of Tradeweb’s global multi-asset emerging markets offering and has been designed to align international electronic trading capabilities with the conventions of the Saudi debt market. The infrastructure also provides flexibility for potential future expansion into additional products and workflows within the fixed income space, subject to regulatory approval.
