Tuesday, November 12, 2024 at 4:32 p.m.
Casablanca – The futures market was launched on Tuesday in Casablanca, paving the way for a new structuring stage in the transformation of capital market infrastructures serving the economy.
This market, launched in parallel with a clearing house (CCP), offers financial instruments to improve the liquidity of the markets, to innovate financially and above all to offer hedging solutions against risks for various players, whether whether companies, banks or institutional investors.
It is part of a global framework for the transformation and modernization of market infrastructures which constitute an essential transmission belt for the proper functioning of capital markets.
Speaking on this occasion, the Minister of Economy and Finance, Nadia Fettah, indicated that this transformation carried out at the level of the capital market is based on a series of reforms and major restructurings, in particular the structuring of the Stock Exchange. Casablanca as a Holding, which makes it possible to group the different activities of the capital market, including the cash market and the futures market, under the same entity.
“This transformation is based on essential pillars, namely the structuring of the Casablanca Stock Exchange into a holding company which will lead to the subsidiarization of all activities in the value chain: the cash market, the futures market and the CCP, with a significant stake in Maroclear,” she said.
And to recall that derivative products have been, since the outbreak of the international financial crisis of 2008, at the center of the concerns of the Regulatory Authorities who have initiated, over several years, a major process of reforms on an international scale, with the implementation of regulatory requirements in terms of capital, margins, clearing by central counterparties and reporting.
For her part, the president of the Moroccan Capital Market Authority (AMMC), Nezha Hayat, affirmed that this project is in line with the recommendations of the New Development Model of Morocco (NMD), stressing that the Introduction of the futures market will provide new options for industry players to protect themselves against market risks.
Indeed, this infrastructure will provide the security and transparency necessary to strengthen market stability, ensure efficient management of transactions and thus preserve the integrity and confidence of investors.
And to announce that “the first requests for authorizations for trading and clearing members have already been received, marking an important step towards the operationalization of this innovative market”.
For his part, Abderrahim Bouazza, Managing Director of Bank Al-Maghrib (BAM) maintained that this reform, which initially introduces the “Index Futures” product, marks a turning point in the diversification of financial instruments, aiming to increase the depth and competitiveness of the Moroccan capital market.
Furthermore, he highlighted the evolution of three key compartments of the capital market, namely the public debt market, the money market and the foreign exchange market, highlighting the depth, liquidity and transparency of the public debt market, which now constitutes a reference for other segments.
Thus, he indicated that BAM is preparing the launch of two additional segments at the beginning of 2025, namely an interbank over-the-counter market for overnight rate swaps and an interbank forward foreign exchange market also allowing economic operators to cover exchange rate risks.
Regarding international standards, Tarik Senhaji, general director of the Casablanca Stock Exchange, assured that the transformation of the Stock Exchange into a stock exchange group, combined with new operations such as the acquisition of a stake in the central depository, is part of an ambitious vision to modernize the Moroccan financial sector and raise it to the best international standards.
“This will provide Morocco with an infrastructure that meets the best international standards,” he said, emphasizing the importance of this development for the competitiveness of the Casablanca Stock Exchange.
And to conclude that the main innovation introduced during this event is the establishment of two new sectors, the financial CCP, also called central counterparty, and the futures market or derivative market.
