Momentum is already building. Citadel Securities and Hudson River Trading are seeking to ramp up operations in the kingdom, while Tower Research Capital is among market-making firms testing their algorithms on the exchange, some of the people said.
Saudi Arabia is ramping up efforts to lure high frequency trading firms — a campaign that’s already brought in major players from Citadel Securities to Hudson River Trading — as it looks to bolster activity on the Middle East’s largest stock market.
The Saudi Tadawul Group Holding Co is working with some of Wall Street’s fastest and most secretive HFT firms to incorporate their feedback as it revamps its derivatives market framework, according to people familiar with the matter. The operator of the kingdom’s stock exchange is also expanding its international roadshows — widening outreach beyond the US and Europe to Asian markets such as Japan and India, the people said, requesting anonymity to discuss private information.
