Signal · Geopolitical Risk

‎111 securities may be subject to CMA algorithmic trading controls

Argaam - Main News Trade press Published 28th September 2026 Saudi Arabia

What the source reported

Source-reported

‎<img src="https://argaamplus.s3.amazonaws.com/c10f4e3a-9da4-439b-a5ea-4c9f21d8e62a.png"> Tadawul trading screen <hr> <div data-olk-copy-source="MessageBody"> <div data-olk-copy-source="MessageBody" >The Capital Market Authority’s (CMA) draft rules governing algorithmic trading in the Saudi market are tied to securities’ liquidity levels.</div> <div ></div> <div >The draft rules exempt securities classified as having "very high liquidity" from the proposed limit on the ratio of algorithmic orders to executed trades.</div> <div ></div> <div> According to the latest liquidity classification file issued by the Saudi Exchange (Tadawul), the Main Market comprises 274 securities, of which 163 are classified as Category A, “very high liquidity,” representing approximately 59.5% of the market. The remaining 111 securities, or around 40.5%, fall into the other four categories that could be subject to the proposed restriction. Tadawul classifies securities into five groups based on the Relative Time Weighted Average Spread (RTWAS) over the previous six months. The classifications are reviewed and published semiannually and take effect on the first trading day of January and July. <div > <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > Liquidity Category </td> <td > Number of Securities </td> <td > Share of Main Market </td> </tr> <tr > <td > A – Very High </td> <td > 163 </td> <td > 59.5% </td> </tr> <tr > <td > B – High </td> <td > 63 </td> <td > 23.0% </td> </tr> <tr > <td > C – Medium </td> <td > 30 </td> <td > 10.9% </td> </tr> <tr > <td > D – Low </td> <td > 15 </td> <td > 5.5% </td> </tr> <tr > <td > E – Very Low </td> <td > 3 </td> <td > 1.1% </td> </tr> <tr > <td > Total </td> <td > 274 </td> <td > 100% </td> </tr> </tbody> </table> <div ></div> </div> Tadawul sets the thresholds at an average RTWAS of 0.20% or less for Category A, 0.30% for Category B, 0.40% for Category C, 0.50% for Category D, and above 0.50% for Category E. The classification does not depend solely on trading value or the number of transactions. Instead, it primarily measures the width of the spread between the best bid and best ask prices, taking into account the length of time for which the spread remains at a given level. Put simply, the narrower the bid-ask spread and the longer it remains at low levels, the lower the RTWAS and the higher the security’s liquidity classification. Securities in Categories B to E Below are the securities falling into the four categories that could be subject to the proposed restriction, according to the current liquidity classification file issued by Tadawul. Category B – High Liquidity: 63 Securities <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > Company / Fund </td> <td > Ticker </td> <td > Company / Fund </td> <td > Ticker </td> </tr> <tr > <td > BCI </td> <td > 1210 </td> <td > SHL </td> <td > 1183 </td> </tr> <tr > <td > SMASCO </td> <td > 1834 </td> <td > Aslak </td> <td > 1301 </td> </tr> <tr > <td > SARCO </td> <td > 2030 </td> <td > Chemanol </td> <td > 2001 </td> </tr> <tr > <td > Wafrah </td> <td > 2100 </td> <td > National Gypsum </td> <td > 2090 </td> </tr> <tr > <td > SIDC </td> <td > 2130 </td> <td > Saudi Cable </td> <td > 2110 </td> </tr> <tr > <td > Tanmiah </td> <td > 2281 </td> <td > Maadaniyah </td> <td > 2220 </td> </tr> <tr > <td > MC4 </td> <td > 2286 </td> <td > Naqi Water </td> <td > 2282 </td> </tr> <tr > <td > Nofoth </td> <td > 2288 </td> <td > Entaj </td> <td > 2287 </td> </tr> <tr > <td > Saudi Kayan </td> <td > 2350 </td> <td > Saudi Paper </td> <td > 2300 </td> </tr> <tr > <td > Northern Cement </td> <td > 3004 </td> <td > Najran Cement </td> <td > 3002 </td> </tr> <tr > <td > Tabuk Cement </td> <td > 3090 </td> <td > Umm Al-Qura Cement </td> <td > 3005 </td> </tr> <tr > <td > Farm Superstores </td> <td > 4006 </td> <td > Al Jouf Cement </td> <td > 3091 </td> </tr> <tr > <td > Lazurde </td> <td > 4011 </td> <td > SACO </td> <td > 4008 </td> </tr> <tr > <td > CMCER </td> <td > 4021 </td> <td > Equipment House </td> <td > 4014 </td> </tr> <tr > <td > Tihama </td> <td > 4070 </td> <td > Baazeem </td> <td > 4051 </td> </tr> <tr > <td > GAS </td> <td > 4146 </td> <td > Al-Omran </td> <td > 4141 </td> </tr> <tr > <td > BinDawood Holding </td> <td > 4161 </td> <td > CGS </td> <td > 4147 </td> </tr> <tr > <td > Saudi Printing </td> <td > 4270 </td> <td > Alsaif Gallery </td> <td > 4192 </td> </tr> <tr > <td > KEC </td> <td > 4310 </td> <td > NCLE </td> <td > 4291 </td> </tr> <tr > <td > Riyad REIT </td> <td > 4330 </td> <td > Sumou </td> <td > 4323 </td> </tr> <tr > <td > Al Maather REIT </td> <td > 4334 </td> <td > Taleem REIT </td> <td > 4333 </td> </tr> <tr > <td > SEDCO Capital REIT </td> <td > 4344 </td> <td > AlAhli REIT (1) </td> <td > 4338 </td> </tr> <tr > <td > Alkhabeer REIT </td> <td > 4348 </td> <td > Bonyan REIT </td> <td > 4347 </td> </tr> <tr > <td > Alkhabeer Diversified Income Traded Fund </td> <td > 4700 </td> <td > Alistithmar AREIC Diversified REIT Fund </td> <td > 4350 </td> </tr> <tr > <td > SEDCO Capital Multi Asset Fund </td> <td > 4703 </td> <td > Alkhabeer Diversified Income Traded Fund 2030 </td> <td > 4702 </td> </tr> <tr > <td > Herfy </td> <td > 6002 </td> <td > Halwani Bros </td> <td > 6001 </td> </tr> <tr > <td > Al-Jouf Agricultural </td> <td > 6070 </td> <td > Ash-Sharqiyah </td> <td > 6060 </td> </tr> <tr > <td > Saudi Azm </td> <td > 7211 </td> <td > 2P </td> <td > 7204 </td> </tr> <tr > <td > Walaa </td> <td > 8060 </td> <td > Jazira Takaful </td> <td > 8012 </td> </tr> <tr > <td > ACIG </td> <td > 8150 </td> <td > Arabian Shield </td> <td > 8070 </td> </tr> <tr > <td > GIG </td> <td > 8250 </td> <td > Al Sagr </td> <td > 8180 </td> </tr> <tr > <td > </td> <td > </td> <td > Wataniya Insurance </td> <td > 8300 </td> </tr> </tbody> </table> <div ></div> Category C – Medium Liquidity: 30 Securities <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > Company / Fund </td> <td > Ticker </td> <td > Company / Fund </td> <td > Ticker </td> </tr> <tr > <td > FIPCO </td> <td > 2180 </td> <td > Takween </td> <td > 1201 </td> </tr> <tr > <td > ARTEX </td> <td > 2340 </td> <td > Nama Chemicals </td> <td > 2210 </td> </tr> <tr > <td > Thob Al Aseel </td> <td > 4012 </td> <td > Ceramic Pipes </td> <td > 2360 </td> </tr> <tr > <td > MRNA </td> <td > 4082 </td> <td > Sinad </td> <td > 4080 </td> </tr> <tr > <td > Ataa </td> <td > 4292 </td> <td > Raoom </td> <td > 4144 </td> </tr> <tr > <td > Alramz </td> <td > 4327 </td> <td > Alandalus </td> <td > 4320 </td> </tr> <tr > <td > Musharaka REIT </td> <td > 4335 </td> <td > Jadwa REIT Al Haramain </td> <td > 4332 </td> </tr> <tr > <td > Derayah REIT </td> <td > 4339 </td> <td > Mulkia REIT </td> <td > 4336 </td> </tr> <tr > <td > MEFIC REIT </td> <td > 4346 </td> <td > Alinma Retail REIT </td> <td > 4345 </td> </tr> <tr > <td > Development Works Food </td> <td > 6013 </td> <td > Raydan </td> <td > 6012 </td> </tr> <tr > <td > TADCO </td> <td > 6040 </td> <td > Qassim Holding </td> <td > 6020 </td> </tr> <tr > <td > Malath </td> <td > 8020 </td> <td > Arab Sea </td> <td > 7201 </td> </tr> <tr > <td > SAICO </td> <td > 8100 </td> <td > Mutakamela Insurance </td> <td > 8040 </td> </tr> <tr > <td > Al-Etihad Insurance </td> <td > 8170 </td> <td > AICC </td> <td > 8160 </td> </tr> <tr > <td > Saudi Enaya </td> <td > 8311 </td> <td > Amana Insurance </td> <td > 8310 </td> </tr> </tbody> </table> <div ></div> Category D – Low Liquidity: 15 Securities <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > Company / Fund </td> <td > Ticker </td> <td > Company / Fund </td> <td > Ticker </td> </tr> <tr > <td > Zahrat Al Waha </td> <td > 3007 </td> <td > Sadr </td> <td > 1832 </td> </tr> <tr > <td > Al-Baha </td> <td > 4130 </td> <td > Batic </td> <td > 4110 </td> </tr> <tr > <td > Alwasail </td> <td > 4148 </td> <td > SIECO </td> <td > 4140 </td> </tr> <tr > <td > Banan </td> <td > 4324 </td> <td > Fitaihi Group </td> <td > 4180 </td> </tr> <tr > <td > JAZADCO </td> <td > 6090 </td> <td > SICO Saudi REIT </td> <td > 4337 </td> </tr> <tr > <td > Gulf Union Alahlia </td> <td > 8120 </td> <td > Salama </td> <td > 8050 </td> </tr> <tr > <td > Gulf General </td> <td > 8260 </td> <td > UCA </td> <td > 8190 </td> </tr> <tr > <td > </td> <td > </td> <td > LIVA </td> <td > 8280 </td> </tr> </tbody> </table> <div ></div> Category E – Very Low Liquidity: 3 Securities <table align="center" border="1" cellpadding="0" cellspacing="0" width="100%"> <tbody> <tr > <td > Company </td> <td > Ticker </td> </tr> <tr > <td > BAAN Holding </td> <td > 1820 </td> </tr> <tr > <td > Al Kathiri </td> <td > 3008 </td> </tr> <tr > <td > Americana </td> <td > 6015 </td> </tr> </tbody> </table> <div ></div> Classification Already Used in Market Regulation The division of securities into the five categories is not merely a statistical classification, as Tadawul already uses it to regulate certain market-making requirements. The obligations relating to the percentage of time orders must remain in the market, minimum order size and maximum bid-ask spread vary according to the liquidity category to which a security belongs. For example, Tadawul requires a market maker for Category A securities to maintain orders in the market for at least 80% of trading time, with a maximum spread of 0.65%, while requirements differ for the other categories. Accordingly, using the same liquidity classification in the algorithmic trading draft represents an extension of an existing approach based on differences in securities’ capacity to absorb orders according to their liquidity levels. </div> </div>

Publication: Argaam - Main News · Trade Publication
Published: 28th September 2026
Original report: argaam.com

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What ProcIntel recorded

ProcIntel-derived

Category: Geopolitical Risk
Geography: Saudi Arabia
Organisations: None identified
Collected: 28th September 2026 · 17:41

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

A provisional, automatically computed reading of this individual Signal, before Event extraction or human review. Not a final rating.

Significance 2 · Moderate

Confidence 2 · Low

Initial Significance Moderate (35.0/100). Strongest contributor: Procurement Impact (21.0/30 points). Limiting factor: Geographic Breadth (0.0/10 points). Initial Confidence Low (21.5/100, data sufficiency: Partial). Strongest contributor: Source Authority (20.0/40 points). Limiting factor: Corroboration (2.5/25 points).

Strongest contributor: Procurement Impact
Limiting factor: Geographic Breadth

What the source reported

What ProcIntel recorded

Initial assessment ⓘMore about Initial Signal AssessmentProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.

Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.