Who’s Who: Wael Al-Hazzani, CEO of the Saudi Securities Clearing House – Arab News
Wael Al-Hazzani has been CEO of the Saudi Securities Clearing House (Muqassa) since its establishment in 2018.
He has led the company in its drive to reduce counterparty risk, improve market efficiency and enable the introduction of new products and services.
Muqassa performs a critical role in the Saudi capital market’s development as one of Saudi Tadawul Group’s subsidiaries. It is the only authorized entity that can act as a central counterparty clearing center in the Kingdom.
The establishmnet of Muqassa was one of the critical initiatives of the Financial Sector Development Program and is reflective of the group’s commitment to Saudi Arabia’s Vision 2030.
Al-Hazzani has a breadth of knowledge about capital markets and risk management. Before he has been appointed CEO of Muqassa, he held leading positions within the Saudi Tadawul Group across post-trade and risk-management specialties.
Al-Hazzani also holds three other positions, including as a member from the board of directors at the security depository center company (Edaa) since 2018, at Tadawul Advanced Solution Company (WAMID) since August 2020, and at the Saudi Exchange since April 2021.
In April 2022, Al-Hazzani successfully led the implementation of post-trade transformation on the Saudi capital market and introduced the largest bundle of enhancement in the history of the market.
The particular upgrades aim to strengthen post-trade infrastructure and increase efficiency by providing a more streamlined trading experience, supporting market participants to develop a wide range of products and services.
He also facilitated the first launch of the Repurchase Agreement clearing service, enabling Saudi financial entities to provide this service without contracting an international counterpart.
Al-Hazzani holds a master of business administration, which he gained in 2015, and a bachelor’s degree in computer science from King Saud University in Riyadh.
He has participated in many executive leadership plus development programs at Harvard, INSEAD, and IMD Business Schools.