Morocco Launches Futures Market and Derivatives on the Casablanca Stock Exchange
Today, Morocco announced the launch of a futures market and derivatives on the Casablanca Stock Exchange. This move is expected to increase liquidity and provide tools to hedge against commercial and financial risks, thereby contributing to the efficiency of the financial system and economic growth.
The Moroccan stock market currently has 77 listed companies with a market capitalization of $75 billion. The kingdom aims to increase the number of listed companies to over 300 by 2035.
This development is part of a broader reform that includes the restructuring of the Casablanca Stock Exchange into a holding company capable of supporting all activities in the value chain: the cash market, the futures market, and the clearing house, which will manage risk. The current capital of the Casablanca Stock Exchange stands at $38 million, with 39% held by local banks, a quarter by the Caisse de Dépôt et de Gestion, and the rest by brokerage and insurance companies and the Casablanca Financial Center.
Another significant development set to be implemented at the beginning of next year is the launch of an interbank futures market for interest rate swaps by the Bank of Morocco, which will provide a reference curve in dirhams to boost the development of all hedging products, particularly in the foreign exchange market. Next year will also see the introduction of an interbank foreign exchange futures market, which will serve as a reference for hedging foreign exchange risk, complementing the foreign exchange futures market.
This infrastructure is expected to significantly improve Morocco's attractiveness to foreign companies looking to set up operations in the southern Mediterranean region. Let's hope we'll see similar developments on our side soon.
