Today, Bourse de Casablanca marks a decisive milestone in the modernization of Morocco’s capital market with the effective launch of the Futures Market (MAT) and the Central Counterparty Clearing House (CCP). Both infrastructures, operated by Groupe Bourse de Casablanca, equip the financial marketplace with state-of-the-art risk management tools aligned with international best practices, further positioning Casablanca as a leading financial hub in Africa.
A derivatives market designed to meet investor needs
The Futures Market represents a structural advancement for Morocco's broader financial ecosystem. Introducing futures contracts enables investors to anticipate market movements, hedge against volatility, and diversify their strategies. It also contributes to enhanced market liquidity and transparency, underpinned by a regulated framework and a structured ecosystem comprising market makers and licensed members.
The launch is being carried out through a phased approach. The first available instrument is a futures contract on the MASI.20 index, composed of the 20 most liquid securities listed on the exchange. The product offering will subsequently be extended to interest rates and other instruments, in line with the needs of the national economy and market participants.
The Clearing House: Guarantor of Transaction Security and Integrity
At the core of the framework, the Clearing House acts as the sole central counterparty between buyers and sellers. It eliminates counterparty default risk, guarantees the settlement of each transaction, and contributes to the overall stability of the market.
Aligned with international standards, it constitutes a key infrastructure for attracting international institutional investors and strengthening the credibility of the Moroccan financial marketplace.
Groupe Bourse de Casablanca: An Integrated Architecture in Service of the Market, with a Fully Constituted Governance Structure
The launch of these new activities also materializes the first phase of Bourse de Casablanca's transformation into an integrated group, offering a complete and coherent value chain in service of investors, structured around three business pillars:
- The Spot Market — which carries the exchange's core historical activity;
- The Futures Market — which manages the operational activity of the Futures Market ;
- Clearing — which ensures the security and integrity of transactions.
The launch of the Futures Market and the Clearing House is accompanied by the full establishment of their institutional framework. The terms of reference — which define the respective obligations of the Société Gestionnaire du Marché à Terme – SGMAT (Futures Market Management Company) and the Chambre de Compensation Maroc - CCP Maroc (Moroccan Clearing House) toward their supervisory authority — have been signed, thereby completing the regulatory framework within which both entities operate.
The members of the Boards of Directors and the Chief Executive Officers of the SGMAT and CCP
Maroc have been appointed and their nominations approved in accordance with the provisions of Law No. 42-12 relating to the market for financial futures instruments. The composition of these governing bodies reflects the diversity and complementarity of the stakeholders who championed this project, with representation from brokerage, banking, insurance, and asset management.
The Board of Directors of the SGMAT, chaired by Nasser SEDDIQI, also includes Messrs. Abdellah SEKKOURI ALAOUI, Majd GUEBBAS, and Omar TAZI MEZALEK. The Chief Executive Officer is Badr BENYOUSSEF.
The Board of Directors of CCP Maroc, chaired by Rachid KAMAL, also includes Messrs. Amine EL JIRARI, Nasser SEDDIQI, Bachir BADDOU, Adel ELAROUSSI, Karim EL GAOUZI, and Badia BELALIA. The Chief Executive Officer is Ahmed ARHARBI.
This major development in Morocco's capital markets is the result of several years of collaborative work involving the Ministry of Economy and Finance, the Moroccan Capital Market Authority (AMMC), Bank Al-Maghrib (Central Bank), the Groupement Professionnel des Banques du Maroc (GPBM) (Professional Grouping of Banks of Morocco), the Moroccan Insurance Federation (FMA), brokerage firms, and professional associations.
By structuring new market practices, strengthening risk management mechanisms, and supporting the emergence of an ecosystem of specialized players, Bourse de Casablanca is laying the foundations for a more mature, more liquid, and resolutely internationally oriented market — a development in line with Casablanca's sustained ambition to become Africa's leading financial hub.
"This is a historic moment for Morocco. We are not merely launching new instruments, but an entirely new market equipped with world-class infrastructure that will strengthen the resilience and competitiveness of our economy. By providing investors — whether fund managers, institutional players, or retail participants — with effective hedging tools, we are firmly anchoring Casablanca as a leading regional financial hub".
Nasser SEDDIQI, Chief Executive Officer, Bourse de Casablanca
