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Market Passport

Morocco

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Market information

Supporting you

Key market information

  • Local currency

    Moroccan
    Dirham (MAD)

  • 2017 GDP

    USD
    110bn

  • Time zone

    GMT
    +1 hour

  • Numbering
    system

    ISIN

  • Main stock
    exchange index

    FTSE CSE

Key market figures

Market capitalisation USD 67bn
Number of listed companies 74
2017 value of share trading USD 7bn
Number of ETFs listed n/a
2017 value of bonds trading USD 0.21bn
Number of bonds listed 48
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 n/a

Local market infrastructures

  Equities Corporate bonds Government bonds
Trading CSE CSE OTC
Clearing Maroclear Maroclear Maroclear
Settlement and custody Maroclear Maroclear Maroclear
Cash leg BAM BAM BAM

Local market authorities and regulators

  • The “Autorité Marocaine du Marché des Capitaux” (AMMC) oversees the financial markets. It grants agreements and professional cards and has a set of relevant operational tools, such as audits, procedures, or sanctions at its disposal to enforce regulations.

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+3
Bonds T+3
Cash Varies
Cut-off times
Equities 3.00pm
On exchange 2.00pm
Bonds 3.00pm
On exchange 2.00pm
Cash 4.00pm
 
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching Yes
Short selling No
Cash settlement/DVP Yes
Securities lending No
Foreign ownership limits No
Tolerance limits
  • There is no market tolerance on the settlement amount for on-exchange trades
  • OTC trades: MAD 100
Examples of market penalties

Please see buy-in practices below. A cash default resolution may also occur.

Buy-in practice

Counterparties have until SD+6 to settle failed trades. Failing that, buy-in procedures can be activated on SD+7. The exchange undertakes the buy-in, with securities priced at +6% for equities and +2% for debt instruments. The difference is paid by the defaulting broker. Buy-ins settle three days after the buy-in trade.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Morocco

Supported by its financial strength, BMCI Securities Services leverages the industry’s best practices and understanding combined with unparalleled local connectivity to deliver efficient securities services.

Our main services

Core

We offer local custody to domestic and foreign institutions. Our core services include settlement, safekeeping, corporate actions, tax and proxy services, cash and collateral management.

Market-specific

  • Fund administration for asset managers
  • Corporate trust services for issuers

What makes us different

  • Full asset segregation thanks to a mirror account duplication at the CSD level (Maroclear)
  • Market maker at the Casablanca Stock Exchange, offering optimal liquidity to our non-resident clients for their foreign exchange operations, and, as a consequence, a smooth settlement of their security transactions
  • A deep knowledge of the Moroccan market thanks to BMCI, a major local player since the forties
  • BMCI is the safest provider in Morocco with a Fitch score of AAA (stable outlook) as at July 2018

Selected market recognition

  • Global Custodian Agent Banks in Emerging Markets Survey (2016 and 2017): Global, Market and Category Outperformer in Morocco
  • Global Investor Investment Excellence Awards (2018): Sub-Custody Single Market Middle East and RSA for Morocco

A sound partner

BMCI Securities Services was established in 2009 as a joint venture between BNP Paribas Securities Services and BMCI (Banque Marocaine pour le Commerce et l’Industrie), the major Moroccan bank. A team of 13 highly-qualified and experienced professionals provides clients with custom-made solutions to accompany their growth strategy.

Contact

For more information contact your relationship manager or
Mr. Badr Sadouk, Head of Sales and Relationship Management
badr.sadouk@bnpparibas.com

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