Investment, Assets & Capital Markets · IACM Musrefy Award 2026
Brokerage & Investor Services Award
Honours quality brokerage, easy trading, and investor protection and service.
How this award is scored
- Evaluation
- 100% automatic, from the data and evidence you submit
- Minimum score to win
- 70 / 100
- Measurement period
- The full financial year 2025 (or the latest financial year completed before nominations open); growth is measured against financial year 2024
Who can apply
- A licensed brokerage firm that is a member of an exchange
- Operating for at least 2 years before the start of the measurement period
- Audited financial statements for the measurement period with an unqualified opinion from an independent external auditor
Indicators and weights
-
15%
Trading platform availability
Availability of the trading platform during market hours during the period, excluding pre-announced maintenance
Points
- 99.9 – < 100 % 100
- 99.5 – < 99.9 % 80
- 99 – < 99.5 % 50
- 95 – < 99 % 20
Evidence
Automated uptime monitoring report or the technology provider’s report
-
15%
Active client growth versus the market
Growth in the number of clients who executed at least one trade in the year versus the previous year, minus the growth in active investors in the market as published by the exchange or depository, in percentage points (so that an IPO wave in one market is not rewarded)
Points
- ≥ 15 percentage points 100
- 5 – < 15 percentage points 70
- 0 – < 5 percentage points 40
- -100 – < 0 percentage points 10
Evidence
Active clients report from the trading system for both years and active investor statistics published by the exchange or depository
-
15%
Online orders
Share of orders entered through online platforms and mobile apps out of all orders
Points
- 85 – < 100 % 100
- 65 – < 85 % 80
- 40 – < 65 % 50
- 0 – < 40 % 20
Evidence
Orders by channel report from the trading system
-
15%
Trading account opening time
Median hours from a complete application to activation of the trading account and investor number
Points
- ≥ 72 hours 15
- 24 – < 72 hours 45
- 1 – < 24 hours 75
- 0 – < 1 hours 100
Evidence
Account opening system report with submission and activation timestamps
-
15%
Protection of client money and assets
Result of the latest independent review of segregation of client money and assets from the firm’s own
Points
- Full segregation with no exceptions100
- Minor exceptions remedied during the period60
- Material exceptions0
Evidence
External auditor’s or regulatory report on client money
-
10%
Complaint rate
Complaints recorded in the period (received directly and referred by the regulator) per 1,000 active clients
Points
- ≥ 6 per 1,000 clients 10
- 3 – < 6 per 1,000 clients 40
- 1 – < 3 per 1,000 clients 70
- 0 – < 1 per 1,000 clients 100
Evidence
Complaints unit report or the report filed with the regulator, with the number of customers or policies at period end
-
10%
Regulatory violations
Number of violations or penalties imposed on the firm by the market authority or exchange during the year
Points
- ≥ 4 count 0
- 2 – < 4 count 30
- 1 – < 2 count 60
- 0 – < 1 count 100
Evidence
Statement signed by the head of compliance with what the exchange or authority publishes
-
5%
Investor education reach
Unique participants in the firm’s investor education programmes and workshops during the year per 1,000 active clients
Points
- ≥ 300 per 1,000 clients 100
- 150 – < 300 per 1,000 clients 80
- 50 – < 150 per 1,000 clients 50
- 0 – < 50 per 1,000 clients 20
Evidence
Attendance records or platform reports with the number of active clients
Each indicator gives 0 to 100 points; its share of the total is its weight. Ties are decided by the indicators listed first in the scorecard; payment or package never affects the score.
Cycle timeline
-
Done
Nominations open
-
Upcoming
Nominations close
-
Upcoming
Judging starts
-
Upcoming
Judging ends
-
Upcoming
Results announced
Times are in Asia/Riyadh (UTC+03:00).
Results
Results are announced only after final approval.
