The central depository is an organization responsible for keeping securities on behalf of its affiliates and for the management of the settlement system. It is a central component in the structure of securities flows in financial markets and in a dematerialized environment, in particular, which brings the necessary security and fluidity for the proper functioning of the post-market.
The block diagram of a central depository is based on a fundamental principle. Securities issuers (publicly traded companies, for example) open an issue account with the central depository corresponding to the total number of shares issued. The corresponding accounts are those of account holders (banks, for example) that hold the shares on their behalf or on behalf of their clients. Also, the central depository records all movements generated by the trading of securities (stock exchange transactions, transfers, trading transactions, etc.).
Maroclear was established in 1997 in a period characterized by the dematerialization of securities and the adoption of a series of international standards for securities settlement systems.
It manages the settlement system for stock market transactions and OTC markets while adopting standardized patterns, largely automated processes and security settlement through the payment system of Bank Al-Maghrib.
The main missions of Maroclear are:
- Appropriate custody of the entrusted securities;
- The administration of securities accounts opened on behalf of its members in accordance with applicable law;
- Control of the record keeping of securities of account holders and, in particular, verification of accounting balances, as defined in the statute, under the general regime of account registration;
- The implementation of all related activities to facilitate the achievement of its mission, in particular the codification of securities