CMA grants new brokerage licenses
The Saudi Capital Market Authority (CMA) has announced that it had granted brokerage licenses to two new companies. With these new licenses, the number of companies allowed to provide stock market services has increased to five.
The CMA’s move to license these two firms to carry out brokerage services is part of the efforts to ease the tight grip of banks on the sector. According to Arab News, the CMA claims it is considering applications of brokerage firms and more licenses are likely to be granted in the near future.