The first trading session of the MASI 20 futures contract was distinguished by the execution of transactions across all open maturities — June 2026, September 2026, December 2026, and March 2027 — reflecting operators’ interest in all contract maturities. This inaugural session recorded the exchange of 1,295 contracts, for a notional volume of approximately MAD 17 million.
Announced by the Minister during the APSB conference held on February 9, 2026, this structuring project will make it possible to broaden hedging and risk management instruments, offer more sophisticated investment strategies, and strengthen liquidity in the spot market, thereby constituting a major lever for enhancing the attractiveness and competitiveness of the Casablanca financial center.
The launch of the futures market (MAT) is the result of a significant reform process involving all stakeholders, notably the Ministry of Economy and Finance (represented by the Directorate of Treasury and External Finance - DTFE), Bank Al-Maghrib, the Moroccan Capital Market Authority, the Casablanca Stock Exchange, as well as various market participants.
Driven by coordinated efforts and the active mobilization of the DTFE, the operationalization of the MAT relied on a structured institutional, legal, prudential, and operational framework, notably including the establishment of joint supervision by Bank Al-Maghrib and the AMMC through the Futures Market Coordination Body (ICMAT), the creation of new market entities — the Futures Market Management Company (SGMAT) and the Central Counterparty Clearing House (CCP) — as well as the development of the trading technology platform and the risk management framework.
This process also covered the establishment of the prudential framework applicable to the CCP and MAT members, the determination of capital requirements for the SGMAT, the CCP, and the aforementioned members, the structuring and validation of the shareholding and governance frameworks of the SGMAT and the CCP, as well as the approval of the information document for the MASI 20 Future.
The final phase preceding the market launch was marked by the approval of the specifications governing the concessions granted for the management of the MAT and transaction clearing, the approval of the appointment of members of the governance bodies of the SGMAT and the CCP, as well as the authorization of the first trading and clearing members on this market (5 trading members and 3 trading-clearing members).
In line with international best practices, the first financial futures instrument admitted to trading is based on the MASI 20 index, which includes the 20 most liquid stocks among the 40 largest free-float capitalizations on the Casablanca Stock Exchange. This choice reflects the intention to base the development of the futures market on a benchmark underlying asset meeting high standards of liquidity, transparency, and representativeness.