Starting from January 2022 AD, the Saudi Central Bank will start conducting repurchase agreements and reverse repurchase operations (repo and reverse repo), and open market operations with banks operating in the Kingdom using the Bloomberg auction system.
Deputy Governor of the Saudi Central Bank, Ayman Al-Sayyari, said: “This cooperation with Bloomberg represents the next stage in developing the operational procedures for the monetary policy operations of the Central Bank, and raising the efficiency of the operational aspects will have a positive impact on the banking sector, and this is in line with international best practices in liquidity management. through electronic transactions.
For his part, Nicholas, Global Head of E-Commerce Solutions at Bloomberg, confirmed: “The Bloomberg Auction System is part of the Bloomberg suite of solutions, designed to help achieve greater transparency, liquidity and efficiency in the capital markets, and we are pleased to continue this fruitful cooperation with the Saudi Central Bank; To support him in electronicizing his operations.”
The Bloomberg Auction System, which is part of Bloomberg’s solutions for central banks and government financial institutions; To conduct auctions electronically by market participants to track and participate in these auctions.
The system also provides a secure environment for issuing debt securities, debt repurchases, and other open market operations, including repurchase agreements and reverse repurchases, all within one integrated solution. The solution also integrates with the data, news, analytics, and communications tools provided by the Bloomberg Terminal platforms. The Bloomberg Auctions system is used in more than 30 countries around the world.
During the year 2018, the Central Bank announced the successful completion of the project to develop the platform for offering permits and Murabaha “Sama electronic platform” using the Bloomberg auction system, which would facilitate the participation of banks operating in the Kingdom in the main market for permits and Murabaha.
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