The financial market reform of 1993 has given to specialized intermediaries (brokerage firms) the right to monopolize trading securities listed on Casablanca stock exchange.

The brokerage firms are intermediaries whose primary objective is the execution of securities transactions on the stock market. Before starting their activities, brokerage firms require an authorization of the Ministry of Finance under recommendation of the AMMC.

Upon their Approval, Brokerage firms’ activities may cover:

Securities Investments

Brokerage firms can participate in the sale of securities issued by companies making public offerings. This is particularly the case during IPOs, public offerings and bond issues.

Account keeping

Brokerage firms can ensure keeping accounts on behalf of their clients.

Portfolio Management

Clients can appoint brokerage firms for buying or selling securities on their behalf.


Brokerage firms can provide recommendations to their clients concerning securities purchase or sale, or for underwriting operations related to public offerings.

Financial transactions Assistance

Brokerage firms can assist corporations during public offerings in producing information materials to investors.

Stimulation (market making)

Brokerage firms may be mandated by listed companies to submit daily purchase or sale bids in order to improve securities liquidity.

Buy-back programs Management

The buyback program of own shares by a company whose shares are listed on the stock exchange is entrusted to a brokerage firm that is responsible for its execution by the presentation of purchase and sale orders in order to regulate the securities price.