MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Casablanca Stock Exchange index, which includes all listed shares. This is an index calculated on the basis of floating capitalisation and based on 1,000 as at 31/12/1991.

Contract by which a legal person delegates to an authorized financial intermediary the initiative of managing its securities. The mandate specifies the direction of management (prudent, bold...), the level of information of the account holder, the amount and structure of the intermediary’s remuneration.

Selective index of the Casablanca Stock Exchange, which groups together continuously listed securities. This is an index calculated on the basis of floating capitalisation and based on 1,000 as at 31/12/1991.

Procedure of IPO by fixing the quantity, the price depending on the demand and requirements of the seller.

Compendium of legal provisions relating to the principles of operation of Maroclear and the obligations of its affiliates, to registration on account, to the conditions for exercising the function of account keeper as well as certain financial provisions.

Payment infrastructure that allows for secure and efficient transfers between participating financial institutions and helps facilitate the execution of monetary policy through ongoing monitoring of flows and liquidity by Bank Al-Maghrib.

An OPCVM management company is a company that manages collective investment undertakings, such as Mutual funds or SICAVs. It integrates portfolio management, mutual fund marketing and administrative functions such as legal services or accounting management of funds.

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.

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.