On 7 November 1929, the Casablanca Stock Exchange held its first trading session. In the course of its 77-year history, the institution has undergone three major reforms.

The first one, in 1948, conferred a legal entity on the Casablanca Stock Exchange. Then in 1967, a second reform entailed a legal and technical reorganisation, conferring upon it the status of public institution. Finally, in 1993, a set of legislative reforms were enacted, providing the Casablanca Stock Exchange with the necessary regulatory and technical framework for its future development.

Since then, the Moroccan stock-market has undergone several changes :

 

SEPTEMBER 1993

-   Dahir providing law N° 1-93-211 relating to the Stock Exchange.

-   Dahir providing law N° 1-93-212 relating to the Council for the Code of Ethics in Securities Markets (CDVM) and information required of corporate entities making a public offer.

-   Dahir providing law N° 1-93-213 relating to Undertakings for the Collective Investment of Transferable Securities.

AUGUST 1995

  • Founding of the ‘‘Société de la Bourse des Valeurs de Casablanca’’.

JANUARY 1997

  • Enactment of law N° 34-96, revising and adopting the dahir providing law N° 1-93-211 relating to the Casablanca Stock Exchange.

  • Enactment of law N° 35-96 relating to the creation of a central securities depository and the introduction of a general settlements system for certain securities.

MARCH 1997

  • Launch of the electronic-based trading system.

OCTOBER 1998

  • Launch of the central securities depository Maroclear.

NOVEMBER 1998

  • The Central Market and Block-Trade Market replace the Official Market and Direct Transfer Market.

DECEMBER 2000

  • The Casablanca Stock Exchange becomes a Société Anonyme with a Supervisory Board and a Board of Directors and with its own statutes and a mission statement, in accordance with new legislation on Sociétés Anonymes.

JANUARY 2001

  • Relocation of electronic-based trading to the dealing rooms of the securities firms.

MAY 2001

  • Settlement period for market transactions reduced from T+5 to T+3.

JANUARY 2002

  • Launch of the new indices of the Casablanca Stock Exchange: MASI®, MADEX®, as well as sector indices, return indices and currency indices.

MARCH 2002

  • Start of a system guaranteeing the clearing of market transactions. 
  • Abolition of the quoted market for gold coins.

APRIL 2004

  • Reform of the laws governing the Stock Exchange with law N° 52-01 revising the dahir N°1-93-211 of 21 September 1993 relating to the Stock Exchange.

DECEMBER 2004

  • Adoption of the float-weighted market capitalisation method for calculating indices.
  • Amendment of the General Rules.

JANUARY 2005

  • Application of new admission requirements for listing on the Bond Market.

  • Adoption of new criteria for maintaining a listing on the Equity Market.