MAROCLEAR Glossary: Key Terms in Finance and Securities Management

They are financial intermediaries members of the Casablanca Stock Exchange. They enforce orders they receive from their clients, orders-gathering institutions or orders-transferring institutions.

Consisting of transfers of funds to specific accounts held by Bank Al-Maghrib, the PONA are exclusively dedicated to the settlement of transactions processed via Maroclear. They are communicated by Bank Al-Maghrib to Maroclear, which checks whether the issuers have sufficient cash provisions to settle the transactions. The PPEs transmitted are relative to the issuer so that cash settlements are made strictly within the limit of the established PONA.

This is the initial share of the company’s debt represented by a bond. For a share, it is the fraction of the share capital.

A net asset value is a value obtained by liquidating the assets of the company quickly. In general, this is a low value because the speed of sale of assets prevails over the maximization of the selling price. It is often used to estimate the value of a company’s economic asset on the verge of bankruptcy.

Considered as TCN are: treasury bills, marketable deposit certificates, commercial paper and specialized financial institution bills.

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.

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.).