BinDawood Holding appoints SNB Capital, QMM as market maker

26/09/2024 Argaam
Logo ofBinDawood Holding Co.

Logo of BinDawood Holding Co.

BinDawood Holding Co.’s board of directors, in its meeting held on Sept. 25, recommended the appointment of SNB Capital and its client QMM as a market maker to boost stock trading, according to a statement to Tadawul. 
 
 

The term is 12 months from the date of appointment, the statement noted, adding that the decision is subject to the approval of the regulatory authorities. 

  

Related material developments will be duly revealed, the statement added. 

 

The Saudi Exchange (Tadawul) announced on Dec. 4, the launch of the market-making framework for equity and derivatives markets to ensure the availability of liquidity and increase price formation efficiency, in line with its efforts to advance the growth of the Saudi capital market as part of the Kingdom’s Vision 2030. 

 

Market makers have to ensure the availability of liquidity for a listed security by providing continuous quotes throughout market open session. Tadawul will monitor compliance with market maker obligations, and will provide incentives to the market maker after obligations are met. 

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