The settlement of any transaction carried out on admitted values is done via Maroclear according to the Delivery versus Payment principle
Settlement or "Payment-Delivery – P/D" refers to the final phase of the process of buying and selling securities on different markets (Stock Exchange, over-the-counter...), which will enable the transaction to be finalized, through the simultaneous exchange of securities against cash.
In this context, MAROCLEAR implements the P/D systems that allow to make any transfer of securities between the current accounts of its affiliates, and concomitantly to the deliveries of securities and then ordering the corresponding cash payments. These cash payments are made current accounts opened in the name of Affiliates within Bank Al-Maghrib.
Depending on the markets, the settlement of transactions at MAROCLEAR can take place according to different models and deadlines, such as T+3 for the Stock Market (Gross/Net model) or in real time for the Over-the-Counter and Repo’s branches (Gross/Gross model). The application of the Delivery versus Payment principle, as well as the use of the Central Bank currency for the settlement of cash, gives securities P/D systems a high level of security.