On October 21, 2025, Tradeweb Markets Inc. announced the launch of its Alternative Trading System (ATS) for Sukuk and Saudi Riyal (SAR)-denominated debt instruments in Saudi Arabia. The platform, licensed by the Capital Market Authority (CMA), is the Kingdom’s first regulated electronic bond market infrastructure.
The inaugural transaction on the ATS was executed between BlackRock and BNP Paribas, followed by a trade between BlackRock and Goldman Sachs. CEO Billy Hult said the launch “marks a foundational moment for fixed‑income market structure in the Kingdom” and highlights Tradeweb’s role in expanding global investor access.
CMA Deputy Raed AlHumaid welcomed the launch, noting it “enhances market access, transparency, and post‑trade infrastructure” and aligns with the CMA’s strategy to position Saudi Arabia among leading global capital markets. The move is expected to broaden the investor base and support the Kingdom’s goal of attracting foreign capital.
The ATS is part of Tradeweb’s global multi‑asset Emerging Markets platform, which supports more than 20 currencies across fixed‑income cash and derivatives markets. The addition of SAR bonds expands Tradeweb’s EM footprint and taps into a market projected to attract roughly $5 billion in initial foreign inflows after Saudi Arabia’s inclusion in the J.P. Morgan EM Bond Index watchlist.
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