MAROCLEAR Glossary: Key Terms in Finance and Securities Management

To designate a value whose registration is left to the initiative of the holders. Securities of this type may be in the form/be bearer or registered.

The preferential subscription right is a shareholder’s right to subscribe for new shares in the event of a capital increase, in proportion to the number of shares held.

The primary market is the one on which new financial securities are issued and subscribed by investors; capital increases, bond issues... This is a new market for financial securities, as opposed to the secondary market which is the "second-hand" market.

Refers to the legal entity that delegates the management of its securities accounts to a financial intermediary of its choice.

A withdrawal offer is a technique that aims to remove a security from the stock market. This mechanism applies to all securities listed in the various financial market segments.

There are two returns: the net return which is the ratio of the net dividend to the share price and the gross return which is the ratio of the total dividend (including tax) to the share price.

Principle of the settlement of transactions at Maroclear which means that cash settlement occurs simultaneously with the delivery of securities.

Securities previously included in the transaction securities transferred either because the holding period has become longer than three months or because the intentions of the bank have changed.

A security is listed from the moment it is admitted to a financial market. The price of the security is its market price, established by the meeting of the best sales and purchase offers. For a company, the interest in listing is to access the capital markets and communicate about its company.

Nominative reference slip indicating the name of the holders to be removed from the absorbed value.