The Casablanca Stock Exchange is a public limited company with a board of directors. Placed under the supervision of the Ministry of Economy and Finance, the Casablanca Stock Exchange operates within the framework of specifications and obeys rules defined in a general regulation.
Its mission is to ensure the operation, development, and promotion of the Moroccan stock market through:
- Supervision and management of trading sessions
- The publication and dissemination of market information
- Assistance to issuers in the listing of their securities and the execution of their financial transactions
Stock exchange companies
Brokerage firms are the only ones authorized to directly exercise the profession of intermediation and trading on the stock exchange. Brokerage companies have a monopoly on negotiating transferable securities listed on the stock exchange.
Brokerage firms are responsible for:
- To execute stock market transactions
- To place securities issued by legal persons making public calls for savings
The Moroccan Capital Market Authority
The AMMC replaces the Conseil Déontologique des Valeurs Mobilières or CDVM with a broader scope and greater independence from political power. It is a public institution whose mission is to ensure the proper functioning and transparency of capital markets (and not only securities) in Morocco.
Undertakings for Collective Investment in Transferable Securities (UCITS)
For the small saver who wishes to invest in the stock market and who has no idea of the securities to buy or sell, he is advised to invest his money in what is called a thorough collective investment in transferable securities.
UCITS are created for the following reasons:
- Ensure distribution of the risks inherent in transferable securities for better management of portfolios, especially those of individuals who do not have in-depth knowledge of the various stock markets
- Relieve savers of the worries associated with the complexity of monitoring securities
Stock indices
- MASI: (Moroccan All Shares Index) is a general index that concerns all stocks listed on the Casablanca Stock Exchange; it gives the evolution of the market as a whole.
- MASI 20: Launched in December 2020, the Moroccan Stocks Index 20 is a new-generation index that considers international best practices and the characteristics of the Moroccan market. It was set up by the Casablanca Stock Exchange team in close collaboration with the Scientific Committee of the Index. It replaces the MADEX (Moroccan Most Active Shares Index) which concerns the most liquid (active) stocks.
- FTSE: The series includes two major indices: FTSE CSE Morocco 15 Index and FTSE CSE Morocco All-Liquid. The FTSE CSE Morocco 15 Index investment index is made up of the 15 central securities of the Casablanca Stock Exchange, classified by market capitalization. The FTSE CSE Morocco All Liquid Index is a benchmark index that tracks the performance of all liquid stocks on the Casablanca Stock Exchange.
- Casablanca ESG 10 is a thematic index that calculates the price performance of socially responsible companies listed on the Casablanca Stock Exchange.
- The CFG 25 is a stock market index of the Casablanca stock exchange. The index consists of 25 securities listed on the Casablanca Stock Exchange, representing nearly 80% of the total market capitalization of the stock exchange.
- MASI.mid small cap: This index, consisting of 30 shares representing 10.56 percent of the total market value of the stock exchange, which was launched during a press conference held under the slogan “New Indicators of the Casablanca Stock Exchange”, aims to highlight the capabilities of small and medium enterprises, and thus enhance the liquidity of this sector. Which historically offers diversified returns compared to the main index.
Economic role of the stock market
- For the company
- Access new sources of financing to boost business growth
- Strengthen the reputation of the company
- Motivating employees and attracting top performers
- Valuing shareholders’ assets
- For the national economy
- Mobilize savings and channel them into the financial market
- Fight against hoarding
- Facilitate the privatization process
- Attract foreign capital