Merrill Lynch becomes the fourth market maker to be onboarded since July last year, as well as being the first international market maker to conduct market making activities on Saudi equities.
With this move, the Saudi Exchange is set to enhance market liquidity as well as welcome more international investors to the region.
The move comes as the Saudi Exchange expands its equities and derivatives remit, adding two new market makers this month.
The two exchange operators signed an agreement today to explore opportunities in areas including ESG, fintech and cross listings.
The Kingdom has appointed five international banks to act as market makers in a bid to boost its secondary debt market.