MAROCLEAR Glossary: Key Terms in Finance and Securities Management

This is the first listed price of the day resulting from the general comparison of orders.

Open for the benefit of the centralizer during various financial operations (exchange, reimbursement, conversion of bonds into shares, exercises of allocation or subscription rights, etc.).

These are off-exchange transactions. They are firm transactions. There is no intermediary and the negotiation and settlement take place between the depositaries.

The most common. Securities transactions (OST) on stock occur in connection with each security transaction that is related to the exchange of securities and therefore affects the securities accounting. Maroclear notifies its affiliates of the details of the transaction and credits them, in securities, coupons or fees as appropriate, based on their balances on the eve of the transaction.

Securities transactions (OST) are required when OST occur between the date of trading and the date of settlement of a transaction.

A bond is a long-term debt security. The bond may be issued by a state, local authority or business.

This is the meeting of the shareholders of a company. It is held at least once a year, within six months following the end of the financial year, and its main objective is to present to shareholders the progress of the company's activities.

Regulatory text of 04/16/1998 approving the general regulations of the Central Depositary.

Regulatory text of 02/14/2002 governing the sale of securities.