MAROCLEAR Glossary: Key Terms in Finance and Securities Management

It corresponds to the number of shares multiplied by their price.

Capitalisation is a financial investment system whose income (interest, dividends, capital gains from disposals...) are not paid periodically to the beneficiary, but transformed into capital to produce in turn income until the final repayment due.

Any cash currency with legal tender status and monetary value.

Profit resulting from the difference between the selling price of a security and its purchase or subscription price.

The securitisation pool is the repository of receivables transferred by a credit institution that carries out a securitisation transaction. In return, units that the institution can place with investors are issued.

Refers to the movement of cash during a financial transaction.

The central market is managed by the Casablanca Stock Exchange, it allows the electronic confrontation of supply and demand.

The term OPCVM covers both SICAVs and FCP. In both cases, the investor holds a share of the securities managed by the institution.

Means authorized financial intermediaries and legal entities issuing securities.

When a company needs funds, it can carry out a capital increase. It offers - generally to former shareholders - to subscribe to new securities, at a price in principle lower than the last stock market price.