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You are here :   Home > THE CASABLANCA S.E > History

Last modified date : 08/02/2012


The Casablanca Stock Exchange was established as long ago as 1929. At that time, it was known as the “Office de Compensation des Valeurs Mobilières” (Office for Clearing of Transferable Securities).
The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchange’s organisation and operations.
The market’s organisational shortcomings hindered however its attractiveness at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967, providing Morocco’s financial markets with a well-organised legal and technical framework.
Following these reforms, in 1986, Morocco embarked on a Structural Adjustment Programme which was completed ten years later. This Programme enabled Morocco to consolidate its fundamentals and successfully bring under control its high level of debt and inflation. Seven years later, in 1993, another major set of market reforms was undertaken to complement and enhance previous measures with the enactment of three fundamental laws :

The dahir providing law Number 1-93-211 relating to the Stock Exchange ;
The dahir providing law Number 1-93-212 relating to the “Conseil Déontologique des Valeurs Mobilières” (CDVM) and information required of corporate entities making a public share offering ;
The “Dahir” (Royal Decree) establishing Law Number 1-93-213 relating to Undertakings for Collective Investments in Transferable Securities
The aim of such reforms was to substantially modernise the market by :
Creating the “Conseil Déontologique des Valeurs Mobilières” (CDVM, financial markets authority) to ensure investor protection ;
Giving accreditation to brokerage firms, specialist intermediaries, who are the only entities empowered to execute transactions in transferable securities ;
Creating Undertakings for Collective Investments in Transferable Securities, financial intermediaries whose sole responsibility is to manage investment portfolios according to the risk diversification principle ;
Creating the Société de Bourse des Valeurs de Casablanca or “SBVC”, a private company responsible for managing the Casablanca Stock Exchange and whose share capital is jointly-owned by authorised brokerage firms.
In order to increase market transparency, the obligation to publish accounting and financial statements for listed companies went into force in 1993. The refusal of ten companies to comply with these new measures resulted in their de-listing.
In January 1997, further improvements were made to stock market organisation by the enactment of law Number 34-96, revising and complementing the “Dahir” (Royal Decree) establishing Law Number 1-93-211 relating to the Casablanca Stock Exchange. Maroclear, the central securities depositary, was established in October 1998, by the enactment of Law Number 35-96.
Since then, the Casablanca Stock Exchange has been rejuvenated. In 2000, the Société de la Bourse des Valeurs de Casablanca or “SBVC” has changed name to become the Casablanca Stock Exchange, a joint stock company (“société anonyme) with a Board of Directors and a Supervisory Board.
In January 2007, the Casablanca Stock Exchange redesigned its visual identity with a wish to support its change in size.
In terms of market organisation, several new measures have been adopted, including :

The launch of a new electronic-based trading system in March 1997 ;
The Official Market and Direct Transfers Market were replaced by the Central Market and Block-trade Market in November 1998 ;
Electronic-based trading was relocated in the premises of the brokerage firms’ trading rooms in January 2001 ;

The trade settlement period was shortened from T+5 to T+3 in May 2001 ;

The new Masi® and Madex® indices, sector indices, total return indices and currency indices were launched in January 2002 and the floating-weighted capitalisation method for calculating indices was adopted in December 2004 ;

Adoption of a clearing system and abolition of the market of listed gold coins in March 2002 ;

Adoption of law Number 52-01 revising dahir Number 1-93-211 of 21 September 1993 relating to the Stock Exchange, simplifying listing requirements and establishing five different types of quotation markets, including three Equity Markets, the Bond Market and the Funds Market in April 2004 ;

Application of new listing requirements in January 2005 ;

In May 2007, the Enactment of the new laws relating to the «dahirs» providing Law N° 1-93-211 relating to the Stock Market, Law N° 1-93-212 relating to the Conseil Déontologique des Valeurs Mobilières (CDVM) and to information required from the legal entities offering their securities to the public, and Law 26-03 relating to the public offerings, namely :

:: Law 45-06 relating to the registration of capital securities of a legal entity listed on the Moroccan market and outside Morocco;
:: Law 44-06 relating to the development of the consolidated accounts for the legal entities offering their securities to the public by issuance of bonds or other debt securities;
:: Law 46-06 relating to the obligation of filing a public offering of withdrawal in the event of delisting;
:: The enactment of the ordinance of the Economy and Finance Minister N° 1137-07 having modified Article 3.7.8 of the General Rules of the Stock Market , in June 2007;
:: Publication of the ordinance of the Economy and Finance Minister N° 1268-08 having adopted the General Rules of the Stock Market , in August 2008.

The establishment of version 900 of the new quotation system, in March 2008.
In December 2008, creation of a Casablanca Stock Exchange follow-up committee created by the Board directors for the revamping of the statutes of the company and the shift from a model of dual governorship with Board directors and Supervisory Board to a model with Board of Directors and General Management.
In April 2009, the Casablanca Stock Exchange officially adopted a corporate gouvernance with Board of Directors and General Management.


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