The Casablanca Stock Exchange

The Casablanca Stock Exchange is a joint stock company ("société anonyme") in charge of organising and managing the stock market. Regulated by the Ministry of Finance and Privatisation.

Its management responsibilities are specified clearly and mainly and consist of organising initial public offerings, managing trading sessions, publishing share prices and indices and administering the settlement and clearing system. The scope of its responsibilities is defined in a set of market rules known as  General Rules.

More generally, the Casablanca Stock Exchange oversees the promotion and development of the Moroccan stock market.

Brokerage firms

Authorised by the Ministry of Finance and Privatisation, the purpose of brokerage firms, besides executing trades in transferable securities, is the custody of securities, discretionary portfolio management, client advisory services and providing liquidity for listed securities.

Brokerage firms also assist corporate entities making public share offerings in preparing documentary information for the public.

Autorité Marocaine du Marché des Capitaux (The Moroccan Capital Market Authority)

The AMMC, a public institution which has its own legal status and is financially independent, is the market watchdog. It is responsible for:

	Protecting investors in transferable securities or in any other investment available to the public ;
	Monitoring information aimed at investors by ensuring that corporate entities making a public share offering publish all relevant legal and regulatory information ;
	Ensuring the sound functioning of the stock market by ensuring its transparency, integrity and soundness ;
	Guaranteeing compliance with the various legal and regulatory provisions governing financial markets.

Maroclear – the Central Securities Depositary

Maroclear is Morocco’s central securities depositary. It was established in accordance with the provisions of Law Number 35-96 of July 9, 1997 which introduced a system of transferable securities in a non-physical form.

As a joint stock company ("société anonyme") , Maroclear ensures the custody, circulation and administration of securities for its members.

	Centralising custody of securities in current accounts opened exclusively in the name of professional organisations such as banks, brokerage firms and corporate issuers. Maroclear has no contact with the general public ;
	Ensuring management of the system of settlement and delivery of securities ;
	Simplifying the exercise of rights attached to securities.