Tradeweb has launched a local-to-local trading and post-trade workflow on its alternative trading system (ATS) for Sukuk and Saudi Riyal (SAR)-denominated debt instruments in Saudi Arabia.
The enhancement extends the Tradeweb ATS beyond the international investor access established at launch, creating a domestic route tailored to the account structures, settlement arrangements, and trading conventions of Saudi market participants.
It is designed to bring more of the local SAR bond and Sukuk trading lifecycle into a connected electronic workflow, improving efficiency and providing a consistent audit trail from execution through post-trade processing.
Enrico Bruni, co-head of global markets at Tradeweb, said: “The introduction of local-to-local transactions on the Tradeweb ATS reflects the close collaboration across the Kingdom’s financial ecosystem to support a deeper, more efficient secondary market for Sukuk and SAR bonds.
“By connecting electronic execution with domestic post-trade infrastructure, we are making it easier for local institutions to access liquidity through a process built around their market conventions.”
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GIB Capital and Saudi Awwal Bank executed the first transaction using the workflow, with post-trade processing and settlement completed locally through Saudi Arabia’s Securities Clearing Center Company (Muqassa) and Securities Depository Center Company (Edaa).
Abdulhadi Shahadah, head of asset management at GIB Capital, said: “Our participation in the first local-to-local transaction on the Tradeweb Saudi ATS demonstrates our commitment to market innovation that helps advance the electronification of the Kingdom’s fixed income market.
“This milestone gives domestic investors a new efficient way to access dealer liquidity electronically, while preserving the local settlement arrangements that are integral to the Saudi market.”
The workflow is available to eligible professional investors and local dealers that meet the applicable Tradeweb, Muqassa and Edaa onboarding and account requirements.
This follows the October 2025 launch of Tradeweb’s ATS in Saudi Arabia, the first regulated electronic bond marketplace in the Kingdom, which opened international investor access to Sukuk and SAR-denominated debt.