By Staff Writer
Tradeweb has officially launched a licensed alternative trading system (ATS) in Saudi Arabia, marking the first regulated electronic bond marketplace in the Kingdom. The platform is designed to support trading of Sukuk and Saudi Riyal (SAR)-denominated debt instruments, aligning with Saudi Arabia’s broader efforts to deepen its capital markets and attract global investment.
The ATS is licensed by the Capital Market Authority (CMA) and follows a competitive tender process conducted in the first quarter of 2024. It aims to offer local and international investors access to streamlined fixed income trading within the Kingdom.
Initial trades on the platform were executed by major financial institutions. BlackRock and BNP Paribas conducted the first transaction, followed by another between BlackRock and Goldman Sachs.
Billy Hult, Chief Executive of Tradeweb, commented:
“The introduction of SAR bonds to Tradeweb’s multi-asset electronic platform marks not just a technological milestone, but also a foundational moment for fixed income market structure in the Kingdom, preparing the ground for greater international participation.”
Tradeweb’s ATS is positioned as a flexible tool, offering support for local trading conventions, multiple protocols, and potential future product expansion. The platform will integrate with the suite of emerging markets currencies already available to Tradeweb clients.
Yudhveer Chaudhry, Global Head of Emerging Markets, FX, Commodities, and Digital Assets Trading at BlackRock, added:
“This inaugural transaction on Tradeweb’s new alternative trading system, in collaboration with our global emerging markets debt team, not only marks a technological milestone for the Kingdom’s fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure.”
This launch comes on the heels of Tradeweb’s recent global initiatives, including its November 2024 collaboration with the Tokyo Stock Exchange to expand liquidity in Japanese ETFs via a new direct link with TSE’s RFQ platform, CONNEQTOR.
