Saudi Arabian exchange enlists Nasdaq to turbocharge technology
The kingdom is rapidly developing its stock
The Saudi government aims to raise tens of billions of dollars by selling about 5 percent of national oil giant Saudi Aramco in the second half of 2018, in what could be the world’s biggest initial public offering.
Officials also aim to introduce trading of government and corporate bonds, and told Reuters in April that the exchange should be ready for equity futures and options in about 24 months, after completing reforms to help it manage the risks.
The Nasdaq technology, which is due to be installed by the end of 2020, will create a new central counterparty clearing system for the market, the Saudi exchange said. It did not disclose the value of the agreement with Nasdaq.