Reforms to Casablanca Stock Exchange in the Works
Lesson Brief
Al Sharq Al Awsat
On July 13, Al Sharq Al Awsat reported that major reforms to the Casablanca Stock Exchange (CSE) will be announced in the coming weeks as the current structure of the contract between the exchange and the Moroccan government is due to end. The major effort focuses on the distribution of the exchange's operating company's capital, currently held solely by brokerage firms, to other entities, including public insurance companies, pension funds, banks, and the Casablanca Finance City Authority. Questions remain over the distribution of shares among Morocco's 19 major banks, with some calling for Moroccan-majority-owned banks to receive larger shares. The particulars of the other stakes have likewise not yet been ironed out. Another proposed reform is to increase the exchange's transparency, including the need to publish more information about publicly listed companies.