MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Slip issued as part of a purchase or sale of registered securities. The objective is to permanently know the identity of the holders of registered shares.

Shareholders holding registered certificates are known to the company and are directly recorded in the accounts held by the company.

They are financial intermediaries members of the Casablanca Stock Exchange. They enforce orders they receive from their clients, orders-gathering institutions or orders-transferring institutions.

Consisting of transfers of funds to specific accounts held by Bank Al-Maghrib, the PONA are exclusively dedicated to the settlement of transactions processed via Maroclear. They are communicated by Bank Al-Maghrib to Maroclear, which checks whether the issuers have sufficient cash provisions to settle the transactions. The PPEs transmitted are relative to the issuer so that cash settlements are made strictly within the limit of the established PONA.

This is the initial share of the company’s debt represented by a bond. For a share, it is the fraction of the share capital.

A net asset value is a value obtained by liquidating the assets of the company quickly. In general, this is a low value because the speed of sale of assets prevails over the maximization of the selling price. It is often used to estimate the value of a company’s economic asset on the verge of bankruptcy.

Considered as TCN are: treasury bills, marketable deposit certificates, commercial paper and specialized financial institution bills.

The transaction notice is the summary of an order placed by a bank or brokerage firm on behalf of its client. It must pass through Maroclear which communicates it to the depositaries concerned by the operation. The document brings together all the information on the order placed: the direction, the quantity, the price, the execution time, the pricing. The customer has two days to contest the placing of the order. Accepted transaction notices generate irrevocable flows between intermediary brokerage firms and their depositaries.