Tradeweb Debuts Saudi Electronic Bond Platform, First Trades Involve BlackRock and BNP Paribas

Tradeweb Markets launched Saudi Arabia’s electronic marketplace for sukuk and Saudi Riyal-denominated bonds, marking a key step in the Kingdom’s efforts to modernize its fixed income markets.

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The platform’s first transaction was reportedly executed between BlackRock and BNP Paribas, followed by a trade between BlackRock and Goldman Sachs.

The platform’s debut marks a milestone for fixed-income trading in the Kingdom. The inaugural trade was executed between BlackRock and BNP Paribas, followed by a second between BlackRock and Goldman Sachs.

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Regulator-Backed Launch Signals Policy Shift

Tradeweb’s Alternative Trading System (ATS) received a license from the Capital Market Authority (CMA) after winning a competitive tender in early 2024. The regulator’s move aligns with Saudi Arabia’s push to deepen its financial markets and attract global investors as part of its economic diversification drive.

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Tradeweb CEO Billy Hult called the CMA’s approval “a foundational moment for fixed income market structure in the Kingdom,” adding that the company’s entry into Saudi Arabia paves the way for greater international participation.

The ATS forms part of Tradeweb’s broader offering of emerging markets, which already spans more than 20 currencies across fixed income and derivatives. By incorporating Saudi Riyal bonds, the company strengthens its footprint in the Middle East, joining an expanding roster of markets from Asia-Pacific to Latin America.

Tradeweb’s launch coincides with Saudi Arabia’s addition to the J.P. Morgan Emerging Markets Bond Index watchlist, which is expected to attract about $5 billion in foreign inflows.

Future Expansion and Market Integration

The platform’s introduction could simplify access to Saudi debt for international asset managers while improving liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and transparency.

Yudhveer Chaudhry, Global Head of Emerging Markets, FX, Commodities, and Digital Assets Trading at BlackRock, described the debut as “a technological milestone” and a sign of “great strategic interest” in the Kingdom’s fixed income opportunities.

Tradeweb’s ATS, designed for professional investors under CMA supervision, supports local trading conventions and offers flexibility for future product expansion. The company said it may extend the platform to corporate bonds, repurchase agreements, and derivatives, subject to regulatory approval.

As Saudi Arabia accelerates its financial reforms, the launch underscores a clear trend: the Kingdom is positioning itself as a modern hub for capital markets in the Middle East, and Tradeweb’s digital infrastructure is helping set that stage.