In short
- A future is a forward contract: you gain exposure to an index without buying its shares.
- The MASI 20 Future began on April 6, 2026.
- One contract is worth 10 dirhams per index point, according to Finances News Hebdo.
- The loss can exceed the deposit paid at the start.
The principle
Two parties commit to an index level at a future date. The buyer of the contract gains if the index rises and loses if it falls. The seller is in the opposite position.
In the first session, according to Boursenews, 1,295 contracts were traded for 16.97 million dirhams, on expiries of June 2026, September 2026, December 2026 and March 2027.
Calculating a gain or loss
A made-up example: you buy 1 contract at 1,200 points.
| Index when the position closes | Gap | Result before fees |
|---|---|---|
| 1,250 points | +50 points | +500 MAD |
| 1,150 points | −50 points | −500 MAD |
The value of the contract at 1,200 points is 12,000 dirhams (1,200 × 10).
Margin and leverage
To open a position, you pay a deposit, called margin, which is smaller than the value of the contract. If the position loses, a margin call can demand more funds.
A made-up example: with a deposit of 1,200 dirhams, a fall of 50 points loses 500 dirhams, or about 42% of the deposit, while the index has only fallen by about 4%. This is leverage, which amplifies gains and losses.
What it is used for
- Hedging: a shareholder can sell a future to offset part of a market fall.
- Speculation: taking a position on the direction of the index, with high risk.
What to remember about risks
- The loss can exceed the initial deposit.
- A contract has an expiry date, unlike a share.
- A future pays no dividend to its holder.
- Access and margin rules should be checked with an authorised intermediary.
Frequently asked questions
Are shares delivered at expiry?
According to published information on this contract, settlement is in cash, with no delivery of shares.
How is it different from a share?
A share is a part of a company, with no end date. A future is a forward commitment, with an expiry and margin.
Sources
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.
