MAROCLEAR Glossary: Key Terms in Finance and Securities Management

These are off-exchange transactions. They are firm transactions. There is no intermediary and the negotiation and settlement take place between the depositaries.

The most common. Securities transactions (OST) on stock occur in connection with each security transaction that is related to the exchange of securities and therefore affects the securities accounting. Maroclear notifies its affiliates of the details of the transaction and credits them, in securities, coupons or fees as appropriate, based on their balances on the eve of the transaction.

Securities transactions (OST) are required when OST occur between the date of trading and the date of settlement of a transaction.

A bond is a long-term debt security. The bond may be issued by a state, local authority or business.

There is a public call for savings in the event of trading in a security (share, bond, etc.) on the stock market or any other regulated market, or in the event of the issue or sale of securities to of the general public (confirm) by resorting to subscription, sale or exchange.

The Central Depository reconstitutes pairs of instructions that go together. The two instructions are matched if one is a receipt and the other a delivery, according to matching criteria which must be identical for both instructions: title, quantity, amount, negotiation date, settlement date .

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.