The Casablanca stock exchange (B.V.

C): Introduction: Definition: The stock market is where securities are exchanged between investors and capital seekers. The main securities found in a stock market are: shares and bonds. Act ion: This is a title to a stake in the company. The holder of a share becomes a shareholder of the company. The share is entitled to a fraction of company profi ts called dividends. Prerequisite: It is a debt instrument issued by a long-term business, a public institution or state when they borrow funds from investors. The obligation is entitled to interest. Role of the award: The stock market plays a vital role in the economy of a country. Among the main roles of the award are distinguished:

Financing of the economy through a public offering. Diversification of investmen t instruments. Allowing companies to find some capital for expansion. Allowing t he state to fund the account deficit. Making it possible to issue credit and cap ital to companies seeking to grow and invest. Allow companies listed to change t heir financial structure. The types of stock market: The stock market and bonds consists of two compartments called primary market an d secondary market. The primary market: concerns only issues of stocks and bonds . He assured the meeting among applicants for funds that issue securities and in vestors who wish to invest their savings. The secondary market: only for the exc hange of previously issued securities. P. S: The primary market and secondary tr ading markets are inseparable. On the other hand, we distinguish between the mar ket and the market for notebook: The Central Market: Central Market is managed b y the Casablanca Stock Exchange and allows confrontation electronic supply and d emand. Brokerage introduce purchase orders and sales across their trading statio n and is the electronic system that determines the equilibrium price. The tradin g session on the central market lasts from 10am to 13pm. The range of variation of a stock can not exceed 6% downward or upward in a single trading session. The block market: A transaction is a transaction block which has no place in the ce ntral market. The block market is a market for OTC. The brokerage firm knows in advance a buyer and a seller of a single share in the same way and shall registe r the transaction with the Casablanca Stock Exchange. The award for only the rec ording of transactions processed on this market. There is a minimum size of bloc k which is fixed by the exchange. And usually it's a market that is reserved for large transactions. The stock exchange in Casablanca: Creation and history: The BVC is marked by the following dates: 1929: creation of the BVC 1948 she became the Office of securities listing on the occasion of the first reform. 1953-1967: date of the sharp decline in the activity of the stock exchange and p ublicly traded companies have moved their capital to the Paris stock exchange. 1967: it became a public institution with legal personality and financial auton omy under the authority of the Ministry of Finance. 1993: the date of retireme nt of the stock exchange involving profound changes to the Moroccan financial ma rket. The reform B.V.C:

The objectives of the reform:

Promoting savings and meet the needs of corporate finance deficit. Channelling s avings into the stock market to finance productive investment. Developing the pu blic shareholding. Create a competition between the stock exchange and banks for the financing needs of the economy. The areas of reform: The first part: It has affected the organization and management of scholarship. Indeed the legal status of the scholarship has changed. It is no lo nger a public institution, but a private limited company whose capital is owned entirely by existing grants. market The second component: It concerns the crea tion of the ethics council of the securities for the control of the purse. The third component: It is of interest to collective investment schemes in securiti es (UCITS) The financial market participants: The reform of 1993;€completed in 1996, introduced the speakers. Speakers of the BVC Stockbroking firms UCITS CDVM APSB Central Depository 1. The company manager: It is the society of Casablanca stock exchange (SBVC) as a private limited compa ny. It is owned equally and by all brokerage firms. Its main mission is the mana gement and development of the securities market. In addition: • It sets the rule s of the market • It ensures operational compliance to existing regulations CDVM • Advise of any reported infringements • Say the trading of securities. They ha ve a monopoly on trading in securities admitted to listing. Their mission: • Pla cement of securities issued by corporations making a public offering • Serve as custodian of securities • Advise the customer they are put in place in 1995, the ir goal is to mobilize savings and allocate to investment. They are "management agencies portfolio securities. They offer the following benefits: • Simple: they are responsible for portfolio management • Flexibility: in case of disinvestmen t, investment funds bought shares. So they provide liquidity to investors 2. Brokerage 3. UCITS: Safety: because the portfolio is diversified and varied and is managed by profes sionals. The funds have a strong growth due to: • The market performance since 1 995 • The growing interest of investors and savers • Lower interest rates •

4. CDVM: Creating effective in July 1994, the CDVM is a public institution with legal per sonality and financial autonomy. Its mission: • Ensure proper functioning, trans parency and sustainability of financial markets • Ensuring the protection of inv estors 5. The professional association of securities dealers (APSB): 6. The Central Depository (MOROCCO LEAR): Founded in 1995. It includes all intermediaries operating in the BVC. Its missio n: • Ensure compliance by its members legal • Represent and study issues relatin g to the exercise of the profession • Inform members about any changes in the bu siness environment and the dematerialization of securities has prompted the crea tion of this speaker whose mission is: • Ensure the conservation of securities • Improve traffic flow • Simplify administration. The limits of financial market: The predominance of SMEs The number of companies admitted to trading is restricted Lack of informatio n and transparency The conditions of exchange access are severe The low savi ngs Lack of confidence in the stock system The family-based SMEs that do not accept the opening of the capital.