Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Wednesday said it will implement a “Trade at Last” session as an additional new session following the closing auction as of next Sunday, 12 May.
The move comes in line with Tadawul’s strategic plans to enhance the market’s microstructure and build an advanced capital market characterised by flexibility, liquidity, and transparency, the Saudi bourse said in a statement.
It will also foster an attractive investment ecosystem for local and overseas investors as well as all market participants, Tadawul added.
The decision will be applicable for both the Main Market and Nomu – Parallel Market– as well as tradable rights.
“Implementing the Trade at Last session reflects our commitment to offering market participants value-added services that align with best international practices, cater to their needs, and provide them with additional time and flexibility needed to execute trades on the closing price after the Closing Auction,” Khalid Abdullah Al Hussan, CEO of Tadawul, commented.
Accordingly, the newly added session will extend for 10 minutes immediately after the Closing Auction session, starting at 03:10 pm Saudi time unit 03:20 pm Saudi time, the statement said.
During the session, orders are entered and matched at the last traded price formed in the closing auction and only at that closing price.
“Many regional and international markets apply a Trade at Last session, which is an important milestone for the Saudi market especially within Saudi Arabia’s inclusion in international Emerging Market indices,” Al Hussan added.
Adding a new session will provide participants with an extended period to fulfil their buying/selling interests after the Closing Auction at a formed price.
