MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Profit resulting from the difference between the selling price of a security and its purchase or subscription price.

The securitisation pool is the repository of receivables transferred by a credit institution that carries out a securitisation transaction. In return, units that the institution can place with investors are issued.

Refers to the movement of cash during a financial transaction.

The central market is managed by the Casablanca Stock Exchange, it allows the electronic confrontation of supply and demand.

The term OPCVM covers both SICAVs and FCP. In both cases, the investor holds a share of the securities managed by the institution.

Means authorized financial intermediaries and legal entities issuing securities.

System for protecting financial information by making it unreadable to anyone other than those responsible using codes or keys.

Refers to the time limit set by Maroclear for banks and stock exchange companies to intervene in movements resulting from the collateral of securities. The latter must be made on the same day of the provision of funds by Bank Al-Maghrib.

Derivatives markets are markets on/in markets. They manage the risks associated with price, exchange rate or currency fluctuations.

Trade name for the second compartment of the stock exchange.