MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Term for a security, share or other security.

TCS BaNCS Market Infrastructure is the electronic platform through which the settlement of transactions at Maroclear must pass.

Any instruction on assets not including an indication as to the category of assets to be credited or debited.

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.

Application used for Free transfers and entries that are used for all intra-institution transactions linking up, or two clients of the same financial intermediary (whose assets are recorded in separate categories), the financial intermediary itself (operating on own account) and one of its clients.