Morgan Stanley KSA 'market maker' for 8 TASI, Nomu-listed firms

The Saudi Exchange (Tadawul) approved Morgan Stanley KSA’s request to conduct market-making activities on eight companies listed on the Main Market (TASI) and the Nomu-Parallel Market, starting March 10.

These companies are Arabian Internet & Communications Services Co. (solutions), Electrical Industries Co., Elm Co., The Company for Cooperative Insurance (Tawuniya), National Environmental Recycling Co. (Tadweeer), International Human Resources Co. (IHR), Almuneef Co. for Trade, Industry, Agriculture & Contracting, and Aqaseem Factory for Chemicals & Plastics Co., according to a statement today, March 9.

For more news on listed companies

Tadawul noted that Morgan Stanley KSA will adhere to the existing market-making rules and procedures.

For solutions, market-making obligations include maintaining an 80% minimum order presence, a SAR 150,000 minimum order size, a 0.65% price spread cap, and a 5% minimum value traded.

For Electrical Industries and Elm, market-making obligations include maintaining an 80% minimum order presence, a SAR 75,000 minimum order size, a 0.65% price spread cap, and a 5% minimum value traded.

For Tawuniya, market-making obligations include maintaining an 80% minimum order presence, a SAR 150,000 minimum order size, a 0.65% price spread cap, and a 5% minimum value traded.

For Tadweeer, IHR, Almuneef, and Aqaseem market-maker obligations include maintaining a 50% minimum order presence, a SAR 50,000 minimum order size, and a 5% price spread cap. A minimum traded threshold is not applicable.