(lavoixdesentreprises.info) – The Moroccan capital market is entering a new era with the transformation of the Casablanca Stock Exchange into a holding company, marking the official launch of the futures market and the establishment of a clearinghouse. This reform aims to enhance transparency and stimulate financing for the national economy.
Morocco has taken an important step in the development of its capital market. On Tuesday, November 12, 2024, during a meeting of the Capital Market Committee chaired by the Minister of Economy and Finance, Nadia Fettah, the official announcement of the futures market within the Casablanca Stock Exchange was made. This initiative is part of a broader restructuring project that transforms the stock exchange into a holding company integrating the spot market, the futures market, and the clearinghouse (CCP).
This strategic change is much more than a simple administrative reorganization. It involves the spin-off of the stock exchange’s activities, allowing for better management of the value chain of financial instruments. Furthermore, the holding is expected to acquire a significant stake in Maroclear, the central depository, thereby enhancing the solidity and efficiency of the Moroccan financial system. To support the rapid development of the futures market and initial derivative products, Moroccan banks have also decided to actively engage by participating in the capital of the clearinghouse.
Nadia Fettah specified that this reform is based on lessons learned from the global financial crisis of 2008. It meets international standards for transparency and financial risk management. According to her statements, Morocco is now ready to launch a futures market and a clearinghouse, essential elements for modernizing the country’s financial landscape and integrating Morocco into the select group of financial centers with advanced market infrastructures. She emphasized that this project aims to mobilize more capital to support the national economy and the many upcoming investment programs while adhering to principles of rigor and risk control.
Nezha Hayat, President of the Moroccan Capital Market Authority, also expressed her enthusiasm for this initiative. She stated that the launch of the futures market represents a decisive turning point for the evolution of the Moroccan capital markets. This new market will offer a diversity of financial instruments, tailored solutions to cover risks, and will contribute to improving overall liquidity. Hayat added that this step is crucial to making the Moroccan market an efficient and innovative space capable of financing large-scale projects.
This project aligns with Morocco’s New Development Model (NMD), aiming to provide market participants with more flexibility to hedge against economic fluctuations. Tarik Senhaji, Director General of the Casablanca Stock Exchange, affirmed that this transformation is part of an ambitious vision to modernize the Moroccan financial sector, with the goal of positioning it among the leaders in Africa. He mentioned the introduction of management products based on stock indices, as well as products linked to interest rates and treasury bonds, as initial steps in this process.
By aligning with the highest international standards, the Casablanca Stock Exchange strengthens its position as a leading financial hub on the African continent, thereby consolidating investor confidence and market stability. However, for this futures market to operate effectively, there are still crucial steps to be taken, including the approval of initial products to be traded and the issuance of the necessary licenses to market operators. Initial applications in this regard have already been submitted, marking the beginning of a new era for the Moroccan capital market.
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