Mr. Mohamed BOUSSAID, Minister of Economy and Finance, chaired Friday, May 6th, 2016 at the headquarters of the Ministry of Economy and Finance, the initialling ceremony of the specification linking the State to the new shareholders of the Casablanca Stock Exchange (Banks, insurance Companies, stock exchange Firms, Caisse de Depot et de Gestion and Casablanca Finance City Authority). This event was attended by several key figures from the economic and financial sector.
Since the signing, on November 25th 2015, of the agreement on the opening of the capital of the Stock Exchange, stakeholders initiated the development of all the legal documentation necessary to implement the demutualization of the Stock Exchange. The outcome of this difficult task was the completion of the new specification in which were assigned the role and new missions of this institution in a broader framework of its shareholders.
In his speech, Mr. Mohamed BOUSSAID expressed his deep gratitude to the different financial institutions for their commitment and high sense of responsibility for the success of this development project of the financial city.
He also paid tribute to all stock exchange firms for the work performed that enabled the establishment of a modern Stock Exchange and the completion of the various reforms of this institution.
Mr. Mohamed BOUSSAID then presented the main axes of this specification:
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The will to adjust the mission of this institution to the proposed stock market development , while stressing that the stock market will develop a new integrated plan so that it is established as a holding company that manages all the market infrastructure including futures market companies that the Stock Exchange will create (managing firm and clearing house);
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Assigning an extensive role to this institution in terms of the development of the stock market particularly through the structuring of financial instruments on the stock market and more broadly, the continuous enrichment of the offer products and services;
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Strengthening the rules of the good governance of this institution through the new shareholding structure which clearly indicates the will to involve in defining the development strategy of the center, the main financial sector stakeholders including representatives of banking, insurance, stock exchange Firms, the Caisse de Depot et de Gestion and Casablanca Finance City. In addition, a monitoring committee with the Exchange will be set up to ensure the implementation of the new market infrastructure;
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Supporting the Casablanca Finance City positioning as a financial hub on the regional level, in particular through contributing to the establishment of a competitive environment for the listing of foreign securities, the diversification of financial tools available to international investors.
Mr. Mohamed BOUSSAID also presented the various stock market development measures that have been or are being implemented which include:
Strengthening the monitoring and transparency of the financial sector by granting more independence and more powers to monitoring authorities which is essential to strengthen investor confidence in the financial market development;
Strengthening the range of financial and markets tools available to investors and issuers. As such, the Minister referred to the framework on the stock exchange bill which includes several new aspects including the establishment of a dedicated market to small and medium enterprises, the listing of Exchange-Traded Funds (ETF) and funds that have great potential and will promote greater liquidity of the stock market or supervision of financial investment advisers;
The development of strategic partnerships with major financial institutions and markets, mainly with the London Stock Exchange.
Finally, Mr. Mohamed BOUSSAID reiterated his thanks to the participants for membership, consensus and determination in their action and urged all stakeholders to further work for the continuation of this dynamic that will change the aspects of the market and enhance the contribution of the Stock Exchange to finance the economy and thus allow to become one of the emerging markets.