File - Traders monitor stock prices on screens at the Saudi Investment Bank in Riyadh September 5, 2013. (REUTERS/Faisal Al Nasser)
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Saudi Arabia's stock market, the Arab world's largest bourse, is one step away from gaining approval to allow direct foreign investment into equities, according to two people with knowledge of the matter.The Capital Market Authority completed a draft set of rules for international investors more than a year ago, and at least three banks, including HSBC Holdings Plc. and Deutsche Bank AG, have executed test trades, three people said, asking not to be identified as the plans were private. Investors from outside the six-nation Gulf Cooperation Council aren't allowed to buy Saudi-listed shares directly and instead access the market through equity swaps and exchange-traded funds.
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