Merrill Lynch has become the latest market maker to be added to the Saudi Exchange, with the addition marking the fourth market maker onboarded since July 2023.
Merrill Lynch also becomes the first international market maker to conduct market making activities on Saudi equities.
Read more: Saudi Exchange makes push into algo and high frequency trading
In a social media post Noelle Al-Jaweini, acting chief of derivatives, congratulated Yazaid H. Al-Salloom, managing directior and chief executive at Bank of America, adding: “Looking forward to our continued partnership with our valued clients and market makers as we jointly develop the Saudi capital market.”
Over the past year, Saudi Exchange has seen a number of key developments within its franchise.
Most recently, Al-Jaweini was appointed acting chief of derivatives following more than eight years with the business. Previously, Al Jaweini served as chief of cash markets at the exchange and before that head of markets development.
Elsewhere, single stock options (SSOs) contracts at Saudi Exchange became available to trade as of 27 November, enabling both local and international investors to hedge and manage portfolio risks effectively.