Moroccan institutions signed two memorandums of understanding (MoUs) and a partnership agreement on Tuesday in Casablanca to initiate the transformation of the Casablanca Stock Exchange into a holding company during a conference hosted by the Ministry of Economy and Finance, the Moroccan Capital Markets Authority (AMMC), and Morocco’s Central Bank, Bank Al-Maghrib (BAM).
Morocco’s Ministry of Economy and Finance, AMMC, BAM, the Moroccan Federation of Insurance (FMA), the Casablanca Stock Exchange, the Professional Association of Moroccan Banks (GPBM), and Maroclear signed the first MoU.
The agreement focuses on strengthening the Casablanca Stock Exchange, positioning it as a strong regional exchange with integrated market infrastructure and aligned with international standards.
Becoming a holding company can have benefits such as protection from losses, according to investing information website Investopedia.
The second MoU , signed between GPBM and the Casablanca Stock Exchange, centers on the clearinghouse, which is a designated intermediary between a buyer and seller in a financial market. A clearinghouse is a key component of the futures market, and complements the comprehensive framework agreement. The agreement is helping to restructure the share capital of the clearinghouse, with the Casablanca Stock Exchange Holding holding a 51% stake and financial institutions holding the remaining 49%.
The partnership agreement, signed between the Casablanca Stock Exchange and various market stakeholders, with the support of AMMC, is based on stock market development. It includes contributions from the Moroccan Employers’ Body (CGEM), FMA, the Moroccan Association of Asset and Investment Fund Managers (ASFIM), the Moroccan Private Equity and Venture Capital Association (AMIC), the Moroccan Publicly Listed Companies Association (APE), and the Professional Association of Brokerage Firms of Casablanca (APSB).
The partnership serves to engage key stock market stakeholders in strengthening the role of the Casablanca Stock Exchange Holding as a pivotal player in economic financing. It also promotes effective cooperation among all signatories to achieve the goals of the “New Development Model” and the “Investment Charter.”
It also aligns with the roadmap signed on November 28, 2023, which is based on bolstering institutional support, creating an incentive framework, supporting CGEM-member SMEs, and enhancing communication to increase market visibility.
The signings were preceded by the third meeting of the Capital Markets Committee, during which the plan to transform the Casablanca Stock Exchange into a holding company was approved. This transformation continues the demutualization process completed in 2016 and complies with the regulatory framework linking the exchange operator to the state. Demutualization is the process when a company legally changes its structure to become a publicly-traded company owned by shareholders.
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