MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Commission invoiced by Maroclear to account holders. It relates to the quantity of their securities holdings.

In its capacity as National Codification Agency, Maroclear assigns ISIN codes to each of the securities admitted to its operations. Once assigned, ISIN codes are obligatory used by market participants.

Refers to the transfer of securities between current securities accounts, whether this transfer is made with cash movements or not.

The clearing house is a financial organization which monitors positions and aims to eliminate counterparty risks in derivatives markets. It is the unique counterparty of all operators. It requires the formation in its books of a security deposit on the day of conclusion of a contract.

Certificates of deposit are negotiable debt securities issued exclusively by banks at a fixed or variable rate, with a return which depends on the duration of the investment and the signature quality of the issuer.

Or customer centralizer. This is generally a bank or stockbroking company of the issuer, led to manage at Maroclear, as domicile, in specific accounts opened in its name the securities and the operations relating thereto, on behalf of its clientele to which he is linked by a management mandate.

It corresponds to the total value of the shares, indicated in its statutes, that is to say the number of shares multiplied by the par value of a share.

It corresponds to the number of shares multiplied by their price.

Capitalisation is a financial investment system whose income (interest, dividends, capital gains from disposals...) are not paid periodically to the beneficiary, but transformed into capital to produce in turn income until the final repayment due.

Any cash currency with legal tender status and monetary value.