In short
- The AMMC is the regulator.
- The Casablanca Stock Exchange runs the market and trading.
- Maroclear is the central depository.
- Brokerage firms execute orders.
Who does what
| Player | Main role |
|---|---|
| AMMC | Protects savings, supervises the market, approves information notes and can impose sanctions. |
| Casablanca Stock Exchange | Organises trading and publishes prices, indices and notices. |
| Brokerage firm | Executes orders on the market. |
| Bank or account holder | Holds the securities account and the cash account. |
| Maroclear | Holds securities and handles the settlement of trades. |
| Listed company | Publishes its accounts and important information. |
The path of an order
You place the order
On your platform or with your bank.
The brokerage firm passes it on
The order enters the trading system.
The market executes it
It meets an opposite order at a compatible price.
Settlement takes place
Securities and money change accounts, with Maroclear involved.
The account is updated
Your institution records the operation on your statement.
What the AMMC does
According to its website, the AMMC, set up by Law No. 43-12, works in particular to protect savings, ensure equal treatment of savers, and maintain the transparency and integrity of the market. It receives complaints from savers, carries out investigations and imposes sanctions, while respecting the rights of defence.
It does not say which share to buy. Its approval of a document does not guarantee a gain.
What Maroclear does
According to the AMMC, Maroclear was created on July 1, 1997. It is a public limited company whose capital is held by its users, notably the state, Bank Al-Maghrib, banks and insurers. It holds eligible securities and helps investors receive dividends, interest and repayments, through its members.
Who to contact
- An order, fees, a statement: first your bank or brokerage firm.
- An unresolved dispute or a complaint: the AMMC.
- A doubt about an intermediary: the lists published on the AMMC website.
- Information about a company: its statements and the exchange’s notices.
Frequently asked questions
Does the Casablanca Stock Exchange sell shares?
No. It organises the market, and orders go through brokerage firms.
Does AMMC approval guarantee an offer?
No. It covers the information given to investors, and promises neither a gain nor an absence of risk.
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
