MAROCLEAR Glossary: Key Terms in Finance and Securities Management

A Treasury bond is a debt security representing a loan whose issuer is the State.

The commercial paper is a debt instrument, an inter-company credit. It is exchanged over the counter between economic agents. Most often, buyers are players looking for profitability without too high a risk. It is also a way for other companies to invest their excess cash in the short term.

In the process of settling negotiations on exclusively registered securities, the trading accounts of the brokerage companies form the counterpart of the "purchase" and "sale" accounts of the intermediaries.

The stock exchange trading session comprises: - a phase of accumulation of orders without possible transaction; - a fixing at the opening of the session; - a return to the accumulation phase for the least liquid securities; - continuous quotation for the most liquid securities; - a closing of the trading session.

The fronco transfer is the transfer of securities from one account to another without movement of cash.

Transfer transactions allow two affiliates to transfer securities from one account to another by bilateral agreement, either at Maroclear or to another Central Depositary.

A transaction is the result of the confrontation and execution of a buy or sell order with compatible counter orders. A single order may result in multiple transactions in the case of split execution. Transactions characterize the activity of a market over a period of time.

Term for a security, share or other security.

TCS BaNCS Market Infrastructure is the electronic platform through which the settlement of transactions at Maroclear must pass.

Maroclear is involved in the management of all securities transactions (OST) affecting the life of securities: payment of dividends or interest, reimbursements, mergers, exchanges, etc. In this area, the services offered to affiliates cover the information of any event decided by the issuer, the virtual detachment of coupons and rights and their exercise by bank transfer.