Highlights

​At this meeting, the plan to transform the Casablanca Stock Exchange's Management Company into a Holding Company was validated, as part of the ongoing process of demutualizing the Stock Exchange, concluded in 2016, and in line with the requirements of the Terms of Reference binding the said company to the State. The aim of this major operation is to set up an integrated market infrastructure covering the entire transaction processing value chain, with a particular focus on the development of a capital market serving the economy and the regional positioning of Casablanca as a regional financial hub.

The institutional and organizational transformation of the Casablanca Stock Exchange into a holding company encompasses four subsequent steps : 1) the transformation of the current Stock Exchange Management Company into a Holding Company and the spinning-off of the cash market activity; 2) the launch of the Futures Market Management Company, which will be 100% owned by the Holding Company; 3) the operationalization of the Clearing House and the restructuring of its shareholding structure according to a mixed capital structure (Holding/Banks) and 4) the acquisition of a significant stake in the capital of Maroclear by the Holding Company.

The Minister stressed that this transformation will generate considerable synergies, improve market efficiency and give rise to a major market institution in line with the best international standards.

For her part, Mrs. Nezha Hayat, Chairman of the Moroccan Capital Market Authority, recalled the vision underpinning the AMMC's 2024-2028 strategic plan, which is that of an efficient and innovative capital market, contributing to the development of savings and the financing of the economy.

The meeting was also an opportunity for CMC members to find out about the following projects and initiatives:

−    The Partnership for Stock Market Development as an initiative designed to mobilize resources and create synergies between various stakeholders (CGEM, Bourse, FMA, ASFIM, AMIC, APSB, APE Association), with the support of AMMC, to stimulate the development of the Moroccan stock market;

−    The research currently being launched with the support of the World Bank on the Capital Market Development Strategy, based on a demand-driven approach and aimed at strengthening the role of this market in financing the economy, as well as attracting and diversifying the domestic and international investor base.

−    The Climate Finance Strategy 2030, which aims to accelerate the mobilization of private climate finance and strengthen the resilience of the financial sector to climate risks.

In addition, the Committee members examined suggestions for new members to join the CMC, and approved the inclusion of the Moroccan Association of Publicly-Traded Companies (APE Association) among the CMC's members.

The Minister congratulated the members on validating the Bourse's transformation and development plan, thanking them for their strong support, and reiterating the public authorities' support for the capital market development reform projects.

Following on from the CMC meeting, a conference was organized by the Ministry of Economy and Finance, the Moroccan Capital Market Authority and Bank-Al-Maghrib, dedicated to the launch of the Futures Market, during which a ceremony was held to sign the Documentation associated with the transformation of the Stock Exchange's Management Company into a Holding Company. It comprises: i) a Memorandum of Understanding on the transformation of the Stock Exchange into a Holding Company, ii) a Memorandum of Understanding on the Clearing House, and iii) a Partnership Agreement for the Development of the Stock Market.

The following attended the meeting as members of the Committee: the Director of the Treasury and External Finances, the President of AMMC, the President of ACAPS, the Managing Director of Bank Al-Maghrib, the President of the General Confederation of Moroccan Enterprises, the President of the Moroccan Insurance Federation, the CEOs of Attijariwafa Bank and Banque Centrale Populaire, the representative of CDG, the Chairman of the Board of Directors of the Stock Exchange, the Chief Executive Officer of Maroclear, the Chief Executive Officer of GPBM, the Chief Executive Officer of the Casablanca Stock Exchange, the Director of the Office des Changes and the Chairmen of the capital market trade associations (APSB, ASFIM, AMIC, AGFT and the Association of Management Companies d'OPCI).