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You are here :   Home > MARKETS > Settlement > Description

Last modified date : 21/06/2011
 MARKETS

Description


The basic principle governing the trade settlement system is simultaneous delivery of securities against cash payment. The settlement of trades between market participants organised by the Casablanca Stock Exchange is carried out by delivery of securities against cash payment on a reciprocal and simultaneous basis. In addition, this must occur within a standard period of time which is the period which runs from the trade date to that of theoretical settlement. Since May 2001, this has been 3 business days.

Settlement / delivery is structured around three processes:

The Adjustment Process registers and controls trade adjustments by order-giving custodians based on contract notes produced by brokerage firms for each trade execution. At the same time it prepares for settlement. Outflows from this process are known as SBI flows (Brokerage Firm Intermediary flows).

The Markets Process processes trades executed by brokerage firms on markets organised by the Casablanca Stock Exchange. Outflows from this process are known as ISB flows (Inter-Brokerage Firm flows).

The Closing Process ensures the simultaneous delivery of securities against cash payment after the checking intermediaries' balance. It is placed the supervision of Maroclear, the central depositary.

 

 

   


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