Bourse de Casablanca (Casablanca Stock Exchange)
Number of listed companies
Domestic market capitalization
SSE Partner Exchange
Has annual sustainability report
- Annual Report contains a few highlights in the area of sustainability.
Requires ESG reporting as a listing rule
Has written guidance on ESG reporting
- Released Guide sur la Responsabilité Sociétale des Entreprises et le reporting ESG (in French) on CSR and ESG reporting in May 2017, in conjunction with the AMMC.
Offers ESG related training
Has sustainability-related indices
Has sustainability bond listing segment
- Organized the Marrakech Pledge for Fostering Green Capital Markets during COP22 in September 2016.
- Partnered with the Moroccan Capital Markets Authority and the SSE in a conference during COP22, titled "Encouraging green capital markets in the South."
Has SME listing platform
Organizational model of stock exchange
- Private company for profit
- The Conseil Deontologique des Valeurs Mobilières (CDVM)
Limited Exchange Self-Regulatory Organization (SRO) Model
- Very few exchanges in the MENA region are entirely self-regulated. The Conseil Deontologique des Valeurs Mobilières (CDVM) is the primary regulatory authority in Morocco and is responsible for issuing listing requirements and overseeing the Casablanca Stock Exchange. Additionally, most regulatory laws adhered to in Morocco have come by royal decree. As a result, the Casablanca Stock Exchange has limited regulatory power.
About the stock exchange
Location: Casablanca, Morocco
- The Casablanca Stock Exchange was established in 1929. At that time, it was known as the “Office de Compensation des Valeurs Mobilières” (Office for Clearing of Transferable Securities). The growing importance of the securities market and the introduction of foreign exchange controls prompted the authorities at that time to improve and regulate the Stock Exchange’s organisation and operations. The market’s organisational shortcomings hindered however its attractiveness at a time when domestic investors showed a growing interest in stock market investment. To overcome such shortcomings, reforms were undertaken in 1967, providing Morocco’s financial markets with a well-organised legal and technical framework. Following these reforms, in 1986, Morocco embarked on a Structural Adjustment Programme which was completed ten years later. This Programme enabled Morocco to consolidate its fundamentals and successfully bring under control its high level of debt and inflation. Source
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