Saudi Arabia’s Muqassa turns broader collateral eligibility into the next phase of repo-market buildout

Muqassa’s October 2025 annual-report disclosure shows Saudi repo infrastructure moving from limited collateral settings toward broader government bond/sukuk eligibility, non-SAR cash support, and a tri-party repo agenda.

The October 2025 Muqassa disclosure compresses a sequence of already visible operating changes into one official signal: repo clearing is live; collateral eligibility has widened from a narrow Saudi-government-sukuk starting point to a broader Saudi government sukuk-and-bond set; non-SAR cash is now eligible; and single-security concentration has been relaxed.

The genuinely new forward signal is not a live tri-party repo launch, but a clear statement that tri-party repo is the next intended product step.

That shifts the Saudi reading from basic CCP coverage toward a more flexible collateral-management framework for secured funding.

By October 2025, Muqassa had moved well beyond a narrow repo-collateral perimeter. Official notices and the 2024 annual report show repo clearing already live, non-SAR cash admitted, government sukuk-and-bond eligibility widened, per-security concentration lifted to 10%, and tri-party repo identified as the next product layer.