One exchange, two tiers
The Saudi Exchange (still widely called Tadawul) runs two equity markets. The Main Market is where the large caps trade: Aramco, Al Rajhi Bank, SABIC, STC and the rest of the TASI index. Nomu is the Parallel Market, launched in 2017 as a lighter-touch venue for smaller companies with lower listing requirements.
Both are supervised by the Capital Market Authority (CMA), settle through Edaa and trade in Saudi riyals. The difference that matters to you is who is allowed to buy on each.
Who can trade Nomu
Nomu is restricted to Qualified Investors under the CMA's Parallel Market rules. Retail investors who do not meet one of the tests below cannot buy Nomu shares directly, even with a funded brokerage account. Your broker's app will usually block the order rather than warn you in advance.
- Authorised persons acting for their own account, and clients they manage
- Individuals with securities transactions of at least SAR 40 million over the past twelve months
- Individuals with net assets of at least SAR 5 million, or a recognised professional certificate, or three years in the financial sector
- Government entities, listed companies and certain funds
Price limits and sessions
Main Market shares move within a ±10% daily band around the previous close, widened to ±30% for the first three trading days after a new listing. Nomu uses a ±30% daily band at all times, which is one reason its shares look volatile in headline tables.
Both markets trade Sunday to Thursday, 10:00 to 15:00 Saudi time, with an opening auction from 09:30 and a closing auction after 15:00. Settlement is T+2. Fridays and Saturdays, and Saudi public holidays, are closed.
Moving from Nomu to the Main Market
Companies can transition from Nomu to the Main Market after two years if they meet the main listing requirements; several have. A transfer does not change your holding, but it does open the stock to a far larger buyer pool, which is why transition announcements are watched closely.
Common questions
Next step
Sources
Editorial content for information only, not investment, legal or tax advice. Rules quoted are those published by the Saudi Exchange, the Capital Market Authority, Edaa and the brokers on the date shown; eligibility and fees change, so confirm current terms before acting.