​The Capital Market Authority (CMA) announced the commencement of the submission period for the authorisation applications to carry out the Securities Exchange activities as an ATS in the Kingdom (Sukuk and Debt Instruments), starting from the date of 24/03/1445 AH corresponding to 09/10/2023, with the last day to receive the applications dated 21/09/1445 AH corresponding to 31/03/2024.

The license to carry out the Securities Exchange activities as an ATS in the Kingdom for Sukuk and Debt Instruments at the current stage will contribute to enhancing the secondary market of debt instruments, according to CMA, as well as providing an investor base and products in the Saudi capital market. This shall positively reflect on supporting debt instruments and expanding investor bases therein, offering a wider range of products available in the Saudi capital market, and offering efficient technical solutions to enable linkage and trade.

The CMA encourages all those interested in carrying out the Securities Exchange activities as an ATS in the Kingdom, whether local or international, to apply to CMA for the license, provided that the authorisation application should be specifically to carry out Securities Exchange activities as an ATS in the Kingdom, and in compliance with the authorisation requirements to carry out Securities Exchange activities that are stated in the Securities Exchanges and Depository Centers Regulations.

According to the licensing requirements, the applicant is required to submit a list of the types of securities proposed to be traded and the categories of investors proposed to be enabled to trade them. Upon approval of the application, the CMA may impose any conditions or restrictions, as it deems appropriate, to achieve market safety and investor protection.

The CMA defined ATS as an Exchange authorised by the CMA to carry out trading in specific types of securities for specific categories of investors. The CMA stated that it aims to grant authorisation for only one company during the current submission period in line with the capital market structure, the impact of investors' confidence, and the stability of the current authorized Exchanges, Depository Centers and Central Counterparties (CCPs). The CMA explained that the securities type targeted for authorisation during the current period is Sukuk and debt instruments. Receiving authorisation applications for other security types may be announced during later stages, which will be announced in due course.  

The CMA had taken steps toward developing the regulatory framework for the authorisation and supervision of the Securities Exchanges with the aim of performing its tasks and obligations effectively and to further the stability and regulatory environment of the Saudi capital market, as well as the enhancement of procedures that ensure adequate supervision over the Securities Exchanges, in light of the amendments of the Capital Market Law.

The CMA has approved the Securities Exchanges and Depository Centers Regulations on 23/11/1443 AH, corresponding to 22/06/2022 in continuation of CMA's efforts in developing the Saudi capital market and its infrastructure, supporting the Saudi capital market's growth and prosperity, and meeting its market participants' needs.

For further details on the authorisation to carry out the Securities Exchange activities as an ATS in the Kingdom, in addition to the mechanism for submitting the authorisation application, its requirements, and procedures, please visit the document titled “The Authorisation to Carry Out Securities Exchange Activities as an Alternative Trading System in the Kingdom" through the following link

In addition, inquiries may be submitted to the CMA's Market Infrastructure Institutions Supervision Department through the following means of contact:

Tel.: +966 (11) 279 7780

Email: MarketInfrastructure@cma.org.sa

Interested Institutions may access the request form for the authorisation through this (link​)