Saudi Arabia’s Muqassa turns broader collateral eligibility into the next phase of repo-market buildout
By October 2025, Muqassa had moved well beyond a narrow repo-collateral perimeter. Official notices and the 2024 annual report show repo clearing already live, non-SAR cash admitted, government sukuk-and-bond eligibility widened, per-security concentration lifted to 10%, and tri-party repo identified as the next product layer.
Key takeaways
- • The October 2025 Muqassa disclosure compresses a sequence of already visible operating changes into one official signal: repo clearing is live; collateral eligibility has widened from a narrow Saudi-government-sukuk starting point to a broader Saudi government sukuk-and-bond set; non-SAR cash is now eligible; and single-security concentration has been relaxed.
- • The genuinely new forward signal is not a live tri-party repo launch, but a clear statement that tri-party repo is the next intended product step.
- • That shifts the Saudi reading from basic CCP coverage toward a more flexible collateral-management framework for secured funding.
Trigger
Muqassa Launches REPO Clearing Service In The Saudi Capital Market
The anchor source is the Muqassa section of the Saudi Tadawul Group 2024 annual report, published on October 7, 2025. It lists repo clearing services among Muqassa’s key activities and says the company introduced the full list of government sukuk and bonds as acceptable collateral. The same section says Muqassa accepted non-SAR cash collateral and doubled the accepted percentage per security from 5% to 10%. It also says Muqassa obtained CMA approval to amend rules and procedures, and that tri-party repo sits within the coming-year initiative set. Read together with the same-day companion trigger, the source turns a collateral change into an explicit repo-market modernization agenda.
Open source documentSN Desk view
Saudi Arabia is widening the conditions under which collateral can actually be financed and mobilized. Earlier public notices show the progression.
In May 2023, non-cash collateral in the cash market was limited to SAR-denominated Saudi government sukuk with up to five years remaining maturity. The 2023 annual report then described repo-service enhancements, a 20% composition cap for non-cash collateral, and maturity extension to 10 years. By January 2025, Muqassa had publicly admitted non-SAR cash collateral, retained 20% composition caps for non-SAR cash and Saudi government sukuk and bonds, and set a 10% concentration limit for Saudi government sukuk and bonds; another January 2025 circular listed a broad government sukuk-and-bond set across long maturities. That sequence makes the October 2025 annual-report language more than retrospective packaging. It shows a CCP and post-trade operator moving toward a more flexible collateral framework across eligibility, currency, concentration, and future repo workflow design. nothing in the public record proves tri-party repo was already live.