MAROCLEAR Glossary: Key Terms in Finance and Securities Management

Quality of a market, or a security, in which transactions are carried out smoothly without significant price variation due to the abundance of securities traded.

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

Public authority charged with a market regulation mission, endowed with important powers (quasi-regulatory power, power of control and investigation and power of sanction) applicable both to markets and to professional or non-professional participants and benefiting from a certain independence, both from the State and from the regulated sector. In Morocco, it is the Securities Ethics Council (CDVM) which represents the market authority.

As the Moroccan Codification Agency (AMC), Maroclear assigns codes to the values ​​admitted to its operations which are obligatorily used by affiliates. In this context, Maroclear uses the ISIN (International Securities Identification Number) coding, in accordance with international standards.

The value of a company on the stock market at a specific time. It is obtained by multiplying the number of shares in a company by its stock market price.

When the account is registered with the financial intermediary, who manages the securities on behalf of his clients.

The term M&A covers different aspects of the acquisition of one company by another, in the areas of corporate finance, corporate strategy and financial operations management.

Transaction by which two companies combine their assets to form a more profitable group. Depending on the type of merger, a new legal entity may or may not be created.

Mutual funds are joint-ownership securities. The number of units increases by subscribing new units and decreases due to redemptions made by the Fund at the request of unitholders.

The maturity or residual maturity is the time between the date on which a bond is issued and the date on which the nominal value of that bond is redeemed.