Published: June 23, 2009
Morgan Stanley Saudi Arabia (MSSA) has launched equity trading on the Kuwait Stock Exchange, Tadawul, on June 22. This new capability enables the firm and its clients to trade cash equities and enables MSSA to service international clients via swap contracts.
Fahad Almubarak, chairman of MSSA, notes: "Saudi Arabia is a key market for the firm and this new trading capability, in conjunction with our recent research initiation, is a vital stage in the development of our local product offering. In addition to our expertise in investment banking, asset management and wealth management, this initiative helps us grow our presence and product offering to service our institutional and corporate clients."
Commenting on this development, Habib Achkar, CEO of MSSA says: "We are very excited to have the infrastructure in place to provide the best distribution and execution for our international and local clients to trade in the Saudi markets."
In August 2008, Morgan Stanley Saudi Arabia became the first investment bank to successfully execute a swap transaction on behalf of a non-resident foreign investor, giving clients outside the kingdom access to companies listed on the Tadawul.