Maroclear, the Moroccan Central Securities Depository (CSD), has selected the London Stock Exchange (LSE) Group’s UnaVista solution to provide it with the trade repository technology it needs to establish Casablanca as a financial hub for Africa.
Maroclear will be the first African CSD to implement a trade repository service.
LSE UnaVista is providing the trade repository technology, which will be hosted and operated by Maroclear, as part of the financial markets’ commitment to adhere to the post-crash reform agenda set out by the G20.
Establishing a record-keeping repository so that regulators can unwind positions more easily in the event of another Lehman-like collapse is a key part of the G20 agenda.
The UnaVista’s technology gives Maroclear the ability to validate, enrich, and reconcile transactions on all the markets of its clients. It also provides the tools necessary for regulatory authorities to identify potential market abuse or systematic risk.
Maroclear has already signed an assisted registration partnership with LSEG for the allocation of Legal Entity Identifiers (LEIs) and with LSEG’s CSD, Monte Titoli, in order to provide access to European securities settlement infrastructure.
This latest partnership follows on from the strategic agreement between LSEG and Morocco to offer a number of infrastructure services, helping to strengthen the economic relationship between the UK and North West and Central African emerging economies.
Commenting on the deal, Mark Husler, Global Head of Product Management, Information Services at LSEG, said: “UnaVista is delighted to work with Maroclear on this project to deliver world-class market infrastructure to Morocco and North / Central Africa.”
“It follows our recent partnership agreement with SIX Group,” he added. “We are pleased to support another global infrastructure provider with the trade repository technology it needs to be ahead of the regulatory curve.”
Fathia Bennis, CEO of Maroclear, said: “Our relationship with LSEG is very strong and this latest partnership will allow us to provide our clients with the most robust and functionally rich trade repository platform available. By implementing UnaVista’s advanced technology, Maroclear can not only lead the way on the African continent, but also stay ahead of regulatory and technical developments globally.”