Northern Trust joins Saudi CSD

Global asset servicer Northern Trust has become a direct custody member of the Saudi Kingdom’s Securities Depository Center Company, also known as Edaa.

Edaa serves as the central securities depositary for Saudi Arabia’s capital markets.

Direct membership will enable Northern Trust to directly offer post-trade processes, the safekeeping and settlement of assets as well as securities transfers.

In return, Edaa will be able to offer “greater global connectivity and more diverse asset servicing options”, according to a statement.

“This strategic expansion of our network to include an international custodian represents a pivotal step forward,” said Edaa CEO Raed Alhumaid.

Since 2019, Northern Trust has worked with Edaa through intermediaries.

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