Overview
Agenda
Sponsors
Date: 19 February 2025
Hosted by
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Co-organiser |
Overview
The International Capital Market Association (ICMA), the International Swaps & Derivatives Association (ISDA) and the International Securities Lending Association (ISLA) together with the Saudi Tadawul Group held a one-day conference, 'Capital Markets & the Kingdom of Saudi Arabia - Delivering Liquidity & Depth in Derivatives, Financing & Secondary Bond Markets’, in Riyadh on 19 February 2025.
The conference began with an opening keynote address, providing a strategic overview of Saudi Arabia’s evolving financial ecosystem. Following this, moderated discussions and panel sessions delved into critical topics, including how derivatives, repo, and securities lending are building deep and liquid secondary markets; the Kingdom’s bond market including primary market issuance and key trends; as well as how market infrastructure developments - including legal and regulatory reforms and post-trade developments - are attracting global investors.
The programme also featured sessions designed to showcase the practical and operational aspects of the derivatives, repo and securities lending markets.
With expert speakers and extensive networking opportunities, this event was a must-attend for professionals involved in, or looking to be a part of the future of capital markets in the region.
The conference was part of the Capital Market Forum (CMF) Select, programme, which was held on the second day of the annual Saudi Capital Market Forum.
| 09:00 | Registration | |
| 10:00 | Welcome remarks
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| 10:20 | Opening Keynote Address As 2025 looks to be the year that prospect becomes reality, our opening address will set the context for the day by sharing a unique view of the long-term vision for the Kingdom of Saudi Arabia’s capital market against the backdrop of Vision 2030. Dana Aljarbou, Financial Services Sector, Ministry of Investment |
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| Fireside Chats: Building Depth & Diversification in KSA’s Capital Market | ||
| 10:35 | Fireside Chat I In the modern financial ecosystem, the repo market plays a vital and central role by providing liquidity while offering opportunities for the mitigation of credit risk. In this fireside chat, H.E. Yazeed Al-Nafjan, Deputy Governor, Financial Innovation, Saudi Central Bank (SAMA) will share his insights on the current landscape of the Kingdom’s repo market, including Islamic repo, the current challenges both regionally and globally as well as discuss SAMA’s initiatives to further deepen the domestic market. Moderator: Cyba Audi, Senior Anchor & Editor-at-Large, Asharq Bloomberg
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| 10:50 | Fireside Chat II Saudi Arabia’s capital markets are rapidly evolving, with a focus on building depth, liquidity, and diversification. In this fireside chat, Fahad Bin Hamdan, Assistant Deputy for Investment at the CMA, will discuss key initiatives shaping the market, including the development of derivatives and securities lending, the role of market-making in enhancing liquidity, and the expansion of ETFs. He will also explore how initiatives, such as the Qualified Financial Investor (QFI) program, are driving greater market participation and access. Moderator: Cyba Audi, Senior Anchor & Editor-at-Large, Asharq Bloomberg
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| 11:05 | KSA’s Capital Market Infrastructure in Focus The Kingdom’s capital market infrastructure has evolved significantly in recent years, through the development of market regulation, post trade reform, and the increase in local market service providers and participants. These changes have attracted an ever-increasing number of global investors and firms to operate in the local market. Senior representatives from key stakeholder entities will cover these recent changes in detail, whilst discussing emerging developments which will need to be considered by offshore market participants looking to enter the market in 2025 and beyond. Moderator: Andrew Dyson, Chief Executive Officer, ISLA
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| 12:00 | Networking Lunch |
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| 13:00 | Primary Debt Market: Insights into Trends, Dynamics, & Future Outlook With the Saudi capital market witnessing an increase in debt issuances in recent years, this session will deep dive into the shape and structure of the primary debt market as well as look into secondary market liquidity. Through expert speakers, the panel will discuss the local issuer and investor base, the variety of debt instruments including sustainable bonds, the link between Islamic and conventional bond markets, as well as the legal framework and regulations underpinning the debt market. Moderator: Bryan Pascoe, Chief Executive Officer, ICMA
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| 13:45 | Understanding Market Activity & Current Performance This session will explore key trends and performance across the derivatives, repo and securities lending markets, both internationally and regionally, and the outlook for 2025. Moderator: Scott O’Malia, Chief Executive Officer, ISDA
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| 14:45 | The Developing Legal & Regulatory Landscape Robust legal frameworks are integral to the smooth functioning of capital markets and the instruments which operate within them. Amongst the myriad of legal considerations, the ability to net positions is paramount. This panel discussion will discuss the scope of the recently revised netting regulation, and its impact across the individual legal frameworks that govern derivatives, repo and securities lending transactions. The panel will also explore the horizon for relevant entities, including corporate banks, asset managers, and other market participants. Moderator: Peter Werner, Senior Counsel, ISDA
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| 15:25 | Networking Break | |
| Thematic Sessions An educational focus on the individual products and how each market operates. Topics will be covered from both a trading and operational perspective, targeting local trading professionals as well as post trade and operations functions. |
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| 15:55 | Showcase I: Derivatives This session will focus on the latest developments in derivatives markets, especially in relation to transactions with Saudi counterparties. The session will cover:
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| 16:35 | Showcase II: Repo A panel of key market participants will discuss the state of the repo and collateral markets along with the latest developments in best market practices and the GMRA, the predominant master agreement for cross-border repo. The panel will also look into the implications of the new netting legislation in the Kingdom for the domestic repo market as well as recent trends both internationally and locally including: the evolving role of repo and its significance in the broader market context, advances in Islamic and green repo, as well as the role of technology and the global drive for automation. Moderator: Alex Westphal, Senior Director, Secretary of the European Repo & Collateral Council & Global Repo & Collateral Council, ICMA
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| 17:15 | Showcase III: Securities Lending In this session, we will delve into the importance of securities lending to primary and secondary market liquidity within global capital markets. Through our expert speakers, we will discuss the interplay of securities lending, repo and derivatives products, current advocacy efforts in the region, as well as the benefits of securities lending to local asset holders. Moderator: Tina Baker, Head of Legal Services, ISLA
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| 17:55 | Closing Remarks: Key Takeaways & Looking Ahead A reflection on the day’s highlights and key discussion points, including perspectives on the ongoing development roadmap and longer-term priorities for the Associations in the region. |
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| 18:00 | Event close |
Lead sponsors
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Al Tamimi & Company is a leading full-service commercial law firm in the Middle East and North Africa (MENA) region. Established in 1989, the firm now operates 17 offices in 10 countries, delivering innovative and cost-effective legal solutions tailored to today’s complex business challenges. With a team of more than 500 legal professionals, Al Tamimi & Company combines international expertise and qualifications with deep regional insight and local talent. The firm advises on a full range of legal disciplines, including arbitration and litigation, banking and finance, corporate and commercial law, intellectual property, employment, real estate, construction and infrastructure, tax, technology, media and telecommunications, and white collar crime. |
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We help make money work for the world — managing it, moving it and keeping it safe. As a leading global financial services company at the center of the world’s financial system, we touch nearly 20% of the world’s investable assets. For 240 years we have partnered alongside our clients to create solutions that benefit businesses, communities and people everywhere. |
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HSBC Saudi Arabia has a unique positioning in Saudi Arabia backed by local and international strategic partners, HSBC has supported investment in the growth and development of Saudi Arabia for over 70 years. A rich history and track record of firsts and leadership in Saudi Arabia, HSBC Saudi Arabia was the first fully licensed investment bank in Saudi Arabia, with a holistic offering of products and services to institutional clients including Securities Services, Institutional Brokerage, Issuer Services, Debt Capital Market, Investment Banking Advisory and Project and Export Finance. HSBC is committed to facilitating increasing engagement of its international clients with opportunities presented by Kingdom’s ambitious economic reform agenda. |
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Latham & Watkins delivers innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world’s largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession and is committed to exploring and promoting environmental sustainability. |
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SNB Capital, the investment banking and asset management arm of the Saudi National Bank, offers a range of innovative and Shariah-compliant financial products and services to its clients, contributing to the Kingdom's economic growth. Today, SNB Capital is the largest Asset Manager in the Kingdom with over SAR 248 billion (USD 66.13 billion) as of September 2024. SNB Capital provides top-line financial and consultancy solutions to institutional and retail investors, and its main business activities are; Asset Management, Wealth Management, Investment Banking, Securities, Principal Investments and International Alternatives. |
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Exhibitors
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EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. EquiLend has offices in North America, EMEA and Asia-Pacific and was named European and Americas Data Provider of the Year and Regulatory Solution of the Year 2024 by Securities Finance Times. |
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Kinetix serves Capital Markets, Banking, and Industry Association customers with software solutions designed with a singular goal: to optimize business functionality with fit-for-purpose applications driven by data and AI. Its pre-trade, post-trade, and Intelligent Document Processing solutions are built atop Kinetix’ versatile tech platform comprised of fintech-specific components for AI, data management, integration, interoperability, and visualization. |
Supporting sponsors
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Deutsche Bank was founded in 1870 to accompany German companies abroad. Today, it is the leading bank in Germany with a strong position in Europe, represented in 57 countries around the world and globally networked. |
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Northern Trust’s Securities Finance offering provides a suite of integrated capabilities across Securities Lending & Borrowing, Financing & Liquidity and Collateral Solutions that allow you to drive greater portfolio optimization. For more information, please visit: northerntrust.com/securities-finance. |
Lead sponsors
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We help make money work for the world — managing it, moving it and keeping it safe. As a leading global financial services company at the center of the world’s financial system, we touch nearly 20% of the world’s investable assets. For 240 years we have partnered alongside our clients to create solutions that benefit businesses, communities and people everywhere. |
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Latham & Watkins delivers innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and trials, and sophisticated regulatory matters. Latham is one of the world’s largest providers of pro bono services, steadfastly supports initiatives designed to advance diversity within the firm and the legal profession and is committed to exploring and promoting environmental sustainability. |
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SNB Capital, the investment banking and asset management arm of the Saudi National Bank, offers a range of innovative and Shariah-compliant financial products and services to its clients, contributing to the Kingdom's economic growth. Today, SNB Capital is the largest Asset Manager in the Kingdom with over SAR 248 billion (USD 66.13 billion) as of September 2024. SNB Capital provides top-line financial and consultancy solutions to institutional and retail investors, and its main business activities are; Asset Management, Wealth Management, Investment Banking, Securities, Principal Investments and International Alternatives. |
Exhibitor
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EquiLend is a global financial technology firm offering Trading, Post-Trade, Data & Analytics, RegTech and Platform Solutions for the securities finance industry. EquiLend has offices in North America, EMEA and Asia-Pacific and was named European and Americas Data Provider of the Year and Regulatory Solution of the Year 2024 by Securities Finance Times. |
Supporting sponsor
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Deutsche Bank was founded in 1870 to accompany German companies abroad. Today, it is the leading bank in Germany with a strong position in Europe, represented in 57 countries around the world and globally networked. |
