Casablanca Stock Exchange looks to London for tech/advice
18 June 2014 | 1645 views | 0
Source: London Stock Exchange
London Stock Exchange Group (LSEG) and Casablanca Stock Exchange (CSE) today announced they have signed a strategic agreement to expand CSE's activity in the North Western and Central African regions.
The agreement, signed by Xavier Rolet, CEO, LSEG and Karim Hajji, CEO, CSE took place at a special ceremony presided by His Majesty the King, Mohammed VI, King of Morocco; the Moroccan Ambassador to the UK, Her Highness Princess Lalla Joumala Alaoui; the British Ambassador to Morocco, His Excellency Mr Clive Alderton; the Lord Mayor of London, Alderman Fiona Woolf and the Prime Minister's Trade Envoy to Morocco, Lord Sharman of Redlynch.
Following the agreement, LSEG will share its expertise on the full exchange business chain, from listing to trading, and from clearing to settlement and custody with a commitment to working with the Moroccan authorities to position Casablanca's capital markets and financial infrastructure as a regional hub. In addition, MillenniumIT, part of London Stock Exchange Group, will provide trading and market surveillance technology to CSE.
Xavier Rolet, Chief Executive, LSEG said: "We are thrilled to have been chosen to partner with Casablanca Stock Exchange as it looks to expand its range of capital market services. This strategic partnership between LSEG and CSE holds huge potential for future business opportunities within Morocco and the wider North West and Central Africa region, and we hope that it will serve to strengthen the economic ties between the UK and the region."
Karim Hajji, CEO of Casablanca Stock Exchange, said: "I am very honoured to sign this partnership that strengthens the cooperation already established between Casablanca Finance City and the City of London in 2012 and that will allow Casablanca Stock Exchange to develop the financial market liquidity while strengthening its position as a regional financial hub. I am convinced that together we will build a solid foundation paving the way for new business and investment opportunities in North, West and Central Africa. "
British Ambassador Clive Alderton said: "This deal has important strategic political - as well as economic - significance. It underscores the growing importance of the UK's bilateral relationship with Morocco, based on 800 years of friendship. On the UK side it provides a strong example of partnership between Government and the private sector."
LSEG, which sits at the heart of world's financial community, is able to offer a range of services, including access to the world's most globally diverse pool of capital and investors and access to some of the best global financial expertise. This global positioning and expertise means that LSEG is exceptionally well-placed to support the development of Morocco's financial services sector.
The Casablanca Stock Exchange was established in 1929. It operates under the Ministry of Economy and Finance, as part of its specifications. Its mission is to ensure the proper functioning, development and promotion of the Moroccan stock market. The Casablanca Stock Exchange is a company that has made the quality of services an integral part of its way of working, and is ISO 9001 certified for several years. It has made security and monitoring of its systems an operating mode with no incident. It placed financial education at the heart of its development strategy through training more than 3,000 people each year.
The Casablanca Stock Exchange is one of the most developed markets in Africa with a market capitalization of 469 billion Dh (at the end of May) which represents 54% of Morocco's GDP. More than 30% of the capitalization is owned by international investors. 74 listed companies achieve a turnover of 250 billion Dh, which is 25% of the GDP, and generate nearly 26 billion Dh net income.