MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Bearer certificates are registered in the accounts held by a financial intermediary. Their owners are not known to the company. A large majority of securities circulating in Morocco are bearer.

A loan issued by a company, bank, state or government organization in the form of bonds that are purchased by investors.

When several values are sold for a single price, the breakdown corresponds to determine for each of these goods, their respective prices.

Company that carries out brokerage of stock exchange transactions on behalf of its clients (individuals, companies...) or for their own account in the financial markets.

Bearer securities are recorded in the accounts held by a financial intermediary. Their holders are not known to the company. The vast majority of securities circulating in Morocco are bearer.

When a company needs funds, it can carry out a capital increase. It offers - generally to former shareholders - to subscribe to new securities, at a price in principle lower than the last stock market price.

Operation which allows a shareholder to transfer listed securities to another person, natural or legal, in return for benefits agreed between the two. The contribution takes place outside the market sheet. Considered as a transaction, it is subject to the registration obligation on the Casablanca Stock Exchange.

Nominative reference slip used during securities transactions concerning exclusively registered securities.

The stock exchange embodies the heart of the market where all stock market orders are executed and where purchases and sales of securities become effective. It is one of the sources of financing of the economy. It allows private and public companies, local authorities and the State to obtain funds to finance their investments.

Proportion of interest accumulated since the payment of the last coupon of a bond.