BlackRock has executed the first Saudi riyal-denominated bond trades on Tradeweb Markets Inc.’s newly launched Alternative Trading System (ATS), marking a key milestone for the Kingdom’s fixed-income market.
The inaugural transactions were completed between BlackRock and BNP Paribas, followed by another trade with Goldman Sachs. The platform is licensed and regulated by Saudi Arabia’s Capital Market Authority, enabling electronic trading of sukuk and bonds outside the main exchange.
Billy Hult, CEO of Tradeweb, said the launch represents “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.”
Yudhveer Chaudhry, Global Head of Emerging Markets, FX, Commodities & Digital Assets Trading at BlackRock, noted that the move reflects growing international interest in the Kingdom’s markets.
“As Saudi Arabia continues to make great strides in developing its capital markets, fixed income opportunities hold great strategic interest for international investors,” he said.
“This inaugural transaction on Tradeweb’s new Alternative Trading System, in collaboration with our Global Emerging Markets Debt team, not only marks a technological milestone for the Kingdom’s fixed income markets but also reflects our commitment to supporting innovative platforms that enhance global investor access and strengthen capital market infrastructure,” he added.
Tradeweb was selected by the CMA in early 2024, after a competitive tender, to build and operate the Kingdom’s first regulated electronic bond trading platform. The initiative is part of a broader national strategy to expand capital markets, attract global investment, and accelerate economic growth.
Raed AlHumaid, Deputy of Market Institutions at the CMA, described the launch as “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.”
He stated: “This initiative aligns with CMA’s strategic direction to position the Kingdom’s capital market among its leading global counterparts. Enriching market access, enhancing transparency, and strengthening post-trade infrastructure will contribute to this initiative.”
The launch comes shortly after Saudi Arabia’s inclusion on the watch list for J.P. Morgan Emerging Market Government Bond Index, a move expected to attract around $5 billion in foreign inflows.
Tradeweb’s ATS, part of its global multi-asset platform, supports trading in more than 20 currencies. The system targets professional investors and can expand to corporate bonds, repos, and derivatives pending regulatory approval.
