Saudi Bourse Takes More Steps to Bolster Emerging Markets Case - Bloomberg:
"Saudi Arabia’s stock exchange is forging ahead with its effort to win emerging markets status this year, taking further steps to amend trading rules.
The Tadawul bourse will update its independent custody model and introduce measures to allow asset managers to aggregate orders of managed assets, it said in a statement on Wednesday. It will also move to an auction method to determine closing prices and implement a market-making program aligned with global best practices
Already the biggest stock market in the Middle East, the Tadawul has been making reforms to strengthen its position as a gateway to the kingdom and is seeking to double its market capitalization in the next five years. The government plans to create the world’s largest sovereign wealth fund and sell hundreds of state assets, including shares of oil giant Saudi Arabian Oil Co., known as Aramco, which could take place as early as this year.
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