MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Number of securities traded multiplied by their prices.

It determines the real value of a company, as opposed to its nominal value (mentioned in its articles). This operation is very long and expensive and can be carried out by the corporate department of a business bank or by an expert firm, for example.

An indication given to the stock exchange order that specifies the duration for which the order remains valid in the market sheet until it has been executed (fully or partially). Validity is fixed by the order giver and may be one day (order of the day), up to a fixed date (order with a limited date) or thirty calendar days (order with revocation).

Means a security whose nominal form is imposed on all holders by law or the articles of association of the issuing company.

An OPCR is an investment fund, having as its object the financing of PME, mainly Moroccan and not listed, through the acquisition of equity securities, the acquisition of debt securities (convertible or not into equity securities) and the granting of advances in current account of associates.

Company with a separate legal personality whose sole purpose is to manage a portfolio of securities on behalf of its shareholders who may subscribe for shares or be reimbursed the shares they have subscribed, each day based on the net asset value of the portfolio.