MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Nominative reference slip used during securities transactions concerning exclusively registered securities.

The stock exchange embodies the heart of the market where all stock market orders are executed and where purchases and sales of securities become effective. It is one of the sources of financing of the economy. It allows private and public companies, local authorities and the State to obtain funds to finance their investments.

Proportion of interest accumulated since the payment of the last coupon of a bond.

Coupon which has an optional obligation, can be negotiated separately, and which gives the holder the right to purchase securities or commodities during a predetermined period and at a predetermined price.

Income received by the holder of a bond, corresponding to the interest paid by the issuer. This is the equivalent of dividends for a share.

Quote which is established as and when offers and requests for the product in question arise throughout the session. With each new request, we adjust the value of the title. We say that the quotation is done continuously or "as it happens".

Refers to the exchange of securities for other securities between custodian account holders.

The contracts are irrevocable flows between stockbroking companies which are transmitted in J by the Casablanca Stock Exchange to Maroclear as soon as the negotiations end. Each contract must be covered by a transaction notice.

Account used to record the custody of the assets of custodian account holders with central depositories or, in the case of custodian account holders under mandate, simply with their agents.

Account managing allocations relating to various securities transactions.