Recovery of the Stock Exchange and Growth of Capital Markets : 22/06/2012

Recovery of the Stock Exchange and Growth of Capital Markets

The Ministry of Economy and Finance, the Moroccan Financial Board and the Casablanca Stock Exchange held on Wednesday, June 20, 2012, at the headquarters of the Casablanca Stock Exchange, a conference under the theme of "Recovery of the Stock Exchange and Growth of Capital Markets ". The conference, chaired by the Minister of Economy and Finance, Mr. Nizar Baraka, brought together a panel of speakers and guests representing the principal key actors of the Moroccan financial sector.  In his opening speech, the Minister stresses the need to establish a roadmap for the revitalization of the Moroccan stock market at a medium and a long term horizon, taking into account the context of time and the necessity to make out of the stock market in particular and the capital market in general, an important leverage vehicle for the mobilization of savings, investment financing, and the promotion of our regional financial center.

The Minister also stated that the time is right to achieve a qualitative leap and make profound changes in order to achieve this common goal within a structured dialogue and partnership. In this context, Mr. Nizar BARAKA expressed his desire to make out of this event, an exchange place for collective reflection and action in order to set new drives and dynamics for the Moroccan stock market, and establish an action plan that will ensure the growth of the capital market as a whole.
This conference has seen the mobilization of government authorities, some supervisors from the financial sector - Bank Al-Maghrib, the Moroccan Financial markets Authority, the Department of Insurance and Social Welfare and the various different market capital operators - Banks, insurance companies and reinsurance companies, brokerage firms, asset management companies, central depository ... in order to develop together a roadmap.

This meeting was marked by organizing a high-level roundtable involving key actors and stakeholders within the financial sector, on topics pertaining to the key theme of the conference. The discussions were focused on four main areas, namely :

  • Strengthening of the offer
  • The stimulation of demand
  • The modernization of the legislative and regulatory framework;
  • Strengthening of the technical infrastructure.

    The discussions between panelists helped in bringing out a multitude of proposals including the launch of innovative products, the acceleration of the process in adopting laws and regulations relating to capital markets, the revision of the listing conditions, and the implementation of technology infrastructure....

    Participants welcomed the quality of exchanges and have expressed the wish to realize in the shortest possible time, the program on financial market reform. The goal is to impulse a new dynamic to the national stock market and to inaugurate a new stage in the development process of the Moroccan capital market with the ambition to turn it into a platform reference for exchanges and funding for the Maghreb, West and Central Africa regions..

    Sign of the government`s will to monitor closely the implementation of all measures, Minister of Economy and Finance, following the work of the conference, announced the establishment of a strategic committee of public-private capital market that he will preside over. This committee will be relayed by a technical committee which it will be composed of representatives of principle key actors in the capital market, including representatives from the Treasury Department, the supervisory authorities, banks, insurance companies and reinsurance, Maroclear, stock exchange, brokerage firms and investment management companies.