MAROCLEAR Glossary: Key Terms in Finance and Securities Management

When the account is registered exclusively with the issuer. The latter is responsible for managing its securities with Maroclear.

Value recorded in account, registered securities whose administration has been entrusted to the issuer.

Settlement and administrative management of transactions traded on the financial markets (confirmation, settlement, delivery...).

The position at a given moment corresponds to the valuation of the securities purchased or sold. If the valuation of securities on purchase is higher than the valuation of securities on sale, we speak of a “buyer” position; conversely, if the valuation of securities on purchase is lower than the valuation of securities on sale, we speak of a “seller” position.

To designate a value whose registration is left to the initiative of the holders. Securities of this type may be in the form/be bearer or registered.

The preferential subscription right is a shareholder’s right to subscribe for new shares in the event of a capital increase, in proportion to the number of shares held.

The primary market is the one on which new financial securities are issued and subscribed by investors; capital increases, bond issues... This is a new market for financial securities, as opposed to the secondary market which is the "second-hand" market.

Refers to the legal entity that delegates the management of its securities accounts to a financial intermediary of its choice.

A withdrawal offer is a technique that aims to remove a security from the stock market. This mechanism applies to all securities listed in the various financial market segments.

There are two returns: the net return which is the ratio of the net dividend to the share price and the gross return which is the ratio of the total dividend (including tax) to the share price.