As 2025 looks to be the year that prospect becomes reality, our opening address will set the context for the day by sharing a unique view of the long-term vision for the Kingdom of Saudi Arabia’s capital market against the backdrop of Vision 2030.

In the modern financial ecosystem, the repo market plays a vital and central role by providing liquidity while offering opportunities for the mitigation of credit risk. In this fireside chat, H.E. Yazeed Al-Nafjan, Deputy Governor, Financial Innovation, Saudi Central Bank (SAMA) will share his insights on the current landscape of the Kingdom’s repo market, including Islamic repo, the current challenges both regionally and globally as well as discuss SAMA’s initiatives to further deepen the domestic market.

Saudi Arabia’s capital markets are rapidly evolving, with a focus on building depth, liquidity, and diversification. In this fireside chat, Fahad Bin Hamdan, Assistant Deputy for Investment at the CMA, will discuss key initiatives shaping the market, including the development of derivatives and securities lending, the role of market-making in enhancing liquidity, and the expansion of ETFs. He will also explore how initiatives, such as the Qualified Financial Investor (QFI) program, are driving greater market participation and access.

The Kingdom’s capital market infrastructure has evolved significantly in recent years, through the development of market regulation, post trade reform, and the increase in local market service providers and participants. These changes have attracted an ever-increasing number of global investors and firms to operate in the local market.

Senior representatives from key stakeholder entities will cover these recent changes in detail, whilst discussing emerging developments which will need to be considered by offshore market participants looking to enter the market in 2025 and beyond.

With the Saudi capital market witnessing an increase in debt issuances in recent years, this session will deep dive into the shape and structure of the primary debt market as well as look into secondary market liquidity.

Through expert speakers, the panel will discuss the local issuer and investor base, the variety of debt instruments including sustainable bonds, the link between Islamic and conventional bond markets while also exploring the role of repo and securities lending in the secondary market, as well as the legal framework and regulations underpinning the debt market.

This session will explore key trends and performance across the derivatives, repo and securities lending markets, both internationally and regionally, and the outlook for 2025.

Robust legal frameworks are integral to the smooth functioning of capital markets and the instruments which operate within them. Amongst the myriad of legal considerations, the ability to net positions is paramount.

This panel discussion will discuss the scope of the recently revised netting regulation, and its impact across the individual legal frameworks that govern derivatives, repo and securities lending transactions. The panel will also explore the horizon for relevant entities, including corporate banks, asset managers, and other market participants.

An educational focus on the individual products and how each market operates. Topics will be covered from both a trading and operational perspective, targeting local trading professionals as well as post trade and operations functions.

This session will focus on the latest developments in derivatives markets, especially in relation to transactions with Saudi counterparties. The session will cover:

• Market Changes: Recent trends and updates in the global derivatives market
• Saudi Focus: How these changes are affecting derivatives trading in Saudi Arabia
• Documentation: Key updates in derivatives contracts and agreements

A panel of key market participants will discuss the state of the repo and collateral markets along with the latest developments in best market practices and the GMRA, the predominant master agreement for cross-border repo. The panel will also look into the implications of the new netting legislation in the Kingdom for the domestic repo market as well as recent trends both internationally and locally including: the evolving role of repo and its significance in the broader market context, advances in Islamic and green repo, as well as the role of technology and the global drive for automation.

In this session, we will delve into the importance of securities lending to primary and secondary market liquidity within global capital markets. Through our expert speakers, we will discuss the interplay of securities lending, repo and derivatives products, current advocacy efforts in the region, as well as the benefits of securities lending to local asset holders.