Guarantee of completion

The guarantee covers the following :

• Securities : All listed securitis are guaranteed. If, for any particular reason, the Casablanca Stock Exchange decides to temporarily or definitively to suspend the guarantee such as in the event of a corporate action or de-listing, then it will inform brokerage firms of its decision through a notice, giving the effective date. All trades prior to this date will  hawever be guaranteed, however, until they are finally settled.
• Transactions : Only ISB flows (Inter-Brokerage Firms) are guaranteed. In the payment/delivery system, the brokerage firm settles two types of flows for Central Market transactions.
• Membership : Each brokerage firm is automatically a member of the guarantee system and is subject to the system’s operating procedures. In the event that a member ceases its activity, it remains subject to the system’s operating procedures until all movements are settled.
• Market : Only transactions carried out on the central market are guaranteed. The block-trade market is similar to an OTC market in which each intermediary chooses its counterparty itself and is therefore without risk.