Tradeweb launches first electronic marketplace for Saudi riyal bonds
22 October 2025 Saudi Arabia
Image: UCF/stock.adobe.com
Tradeweb Markets has welcomed the launch of its alternative trading system (ATS) for the execution of sukuk and Saudi riyal (SAR)-denominated debt instruments in the Kingdom of Saudi Arabia.
Licensed by the Capital Market Authority (CMA), the platform has facilitated its inaugural transaction between BlackRock and BNP Paribas, with a subsequent trade between BlackRock and Goldman Sachs.
鈥淲e are grateful for the trust placed in us by the CMA to exclusively deliver the first electronic bond ATS in the Kingdom of Saudi Arabia,鈥� says Billy Hult, CEO of Tradeweb.
鈥淭he introduction of SAR bonds to Tradeweb鈥檚 multi-asset electronic platform marks not just a technological milestone, but also a foundational moment for fixed income market structure in the Kingdom, preparing the ground for greater international participation.鈥�
The CMA selected Tradeweb to build and run the Kingdom鈥檚 first regulated electronic bond market infrastructure following a competitive tender process in the first quarter of 2024.
The initiative reflects the country鈥檚 broader strategy to deepen capital markets, attract global investment, and subsequently promote economic development in Saudi Arabia.
Enrico Bruni, co-head of global markets at Tradeweb, comments: 鈥淭radeweb has a long-standing track record of delivering transparent, efficient trading solutions in markets around the world, and our entry into Saudi Arabia builds on that momentum.
鈥淏y combining local market insight with global trading workflows, we are solving for persistent challenges around post-trade workflows and global investor access, helping to support the next electronic phase of SAR bond markets.鈥�
The ATS forms part of Tradeweb鈥檚 global multi-asset Emerging Markets platform, which supports more than 20 currencies across fixed income cash and derivatives markets.
The addition of SAR bonds to the platform further expands Tradeweb鈥檚 emerging market footprint spanning Asia Pacific, Central and Eastern Europe, Middle East and Africa, and Latin America.
Raed AlHumaid, CMA Deputy of Market Institutions, says: 鈥淭his is an important step in enhancing the secondary market for debt instruments, while broadening the investor base and expanding the range of products available in the Saudi capital market.
鈥淭his initiative aligns with CMA鈥檚 strategic direction to position the Kingdom鈥檚 capital market among its leading global counterparts. Enriching market access, enhancing transparency, and strengthening post-trade infrastructure will contribute to this initiative.鈥�
The Tradeweb ATS operates under CMA supervision and is designed for professional investors, in compliance with local and global market standards.
Key benefits for users include protocol diversification, alignment with local trading conventions, as well as ongoing flexibility for potential future product extension into corporate bonds, repo, and derivatives markets.
Yudhveer Chaudhry, global head of emerging markets, foreign exchange, commodities, and digital assets trading at BlackRock, comments: 鈥淎s Saudi Arabia continues to make great strides in developing its capital markets, fixed income opportunities hold great strategic interest for international investors.
鈥淭his inaugural transaction on Tradeweb鈥檚 new alternative trading system, in collaboration with our Global Emerging Markets Debt team, not only marks a technological milestone for the Kingdom鈥檚 fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure.鈥�
Eligible clients can access the full SAR offering alongside existing EM currencies available on Tradeweb.
Licensed by the Capital Market Authority (CMA), the platform has facilitated its inaugural transaction between BlackRock and BNP Paribas, with a subsequent trade between BlackRock and Goldman Sachs.
鈥淲e are grateful for the trust placed in us by the CMA to exclusively deliver the first electronic bond ATS in the Kingdom of Saudi Arabia,鈥� says Billy Hult, CEO of Tradeweb.
鈥淭he introduction of SAR bonds to Tradeweb鈥檚 multi-asset electronic platform marks not just a technological milestone, but also a foundational moment for fixed income market structure in the Kingdom, preparing the ground for greater international participation.鈥�
The CMA selected Tradeweb to build and run the Kingdom鈥檚 first regulated electronic bond market infrastructure following a competitive tender process in the first quarter of 2024.
The initiative reflects the country鈥檚 broader strategy to deepen capital markets, attract global investment, and subsequently promote economic development in Saudi Arabia.
Enrico Bruni, co-head of global markets at Tradeweb, comments: 鈥淭radeweb has a long-standing track record of delivering transparent, efficient trading solutions in markets around the world, and our entry into Saudi Arabia builds on that momentum.
鈥淏y combining local market insight with global trading workflows, we are solving for persistent challenges around post-trade workflows and global investor access, helping to support the next electronic phase of SAR bond markets.鈥�
The ATS forms part of Tradeweb鈥檚 global multi-asset Emerging Markets platform, which supports more than 20 currencies across fixed income cash and derivatives markets.
The addition of SAR bonds to the platform further expands Tradeweb鈥檚 emerging market footprint spanning Asia Pacific, Central and Eastern Europe, Middle East and Africa, and Latin America.
Raed AlHumaid, CMA Deputy of Market Institutions, says: 鈥淭his is an important step in enhancing the secondary market for debt instruments, while broadening the investor base and expanding the range of products available in the Saudi capital market.
鈥淭his initiative aligns with CMA鈥檚 strategic direction to position the Kingdom鈥檚 capital market among its leading global counterparts. Enriching market access, enhancing transparency, and strengthening post-trade infrastructure will contribute to this initiative.鈥�
The Tradeweb ATS operates under CMA supervision and is designed for professional investors, in compliance with local and global market standards.
Key benefits for users include protocol diversification, alignment with local trading conventions, as well as ongoing flexibility for potential future product extension into corporate bonds, repo, and derivatives markets.
Yudhveer Chaudhry, global head of emerging markets, foreign exchange, commodities, and digital assets trading at BlackRock, comments: 鈥淎s Saudi Arabia continues to make great strides in developing its capital markets, fixed income opportunities hold great strategic interest for international investors.
鈥淭his inaugural transaction on Tradeweb鈥檚 new alternative trading system, in collaboration with our Global Emerging Markets Debt team, not only marks a technological milestone for the Kingdom鈥檚 fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure.鈥�
Eligible clients can access the full SAR offering alongside existing EM currencies available on Tradeweb.
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