MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Bank Al-Maghrib is the central bank of Morocco. It is a public establishment with a legal entity and financial autonomy created in 1959 to replace the former “State Bank of Morocco”. It includes several directions including Dar As-Sikkah which mints Moroccan currency.

Bearer certificates are registered in the accounts held by a financial intermediary. Their owners are not known to the company. A large majority of securities circulating in Morocco are bearer.

A loan issued by a company, bank, state or government organization in the form of bonds that are purchased by investors.

When several values are sold for a single price, the breakdown corresponds to determine for each of these goods, their respective prices.

Company that carries out brokerage of stock exchange transactions on behalf of its clients (individuals, companies...) or for their own account in the financial markets.

Bearer securities are recorded in the accounts held by a financial intermediary. Their holders are not known to the company. The vast majority of securities circulating in Morocco are bearer.

Nominative reference statement which takes into account transactions in securities between the date of transaction indicated by the intermediary on the statement and the date of recording the transaction in its own accounts.

Nominative reference slip which distinguishes two categories of slips depending on whether the transaction in question must give rise to the parallel transmission of a transfer order to Maroclear.