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LSEG to partner with Casablanca exchange
20 June 2014
Casablanca Stock Exchange to expand activity in north-western and central Africa
Casablanca Stock Exchange
London Stock Exchange Group (LSEG) and Casablanca Stock
Exchange (CSE) have signed a strategic agreement to expand
CSE's activity in the north western and Central African
Following the agreement, LSEG will share its expertise on the
full exchange business chain, including listing, trading,
clearing, settlement and custody. It said it is committed to
working with the Moroccan authorities to position Casablanca's
capital markets and financial infrastructure as a regional
"This strategic partnership 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,"
said Xavier Rolet, CEO of LSEG.
"[The agreement] will allow CSE to develop 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," said Karim
Hajji, CEO of CSE.
In addition, MillenniumIT, part of LSEG, will provide trading
and market surveillance technology to CSE.
"Morocco is a key player in the region and this partnership
will create further opportunities for MillenniumIT in North
West and Central Africa," said Mack Gill, CEO of MillenniumIT.
The agreement, signed by Xavier Rolet, CEO, LSEG and Karim
Hajji, CEO of CSE, took place at a special ceremony.
CSE is one of the most developed markets in Africa with a
market capitalisation of 469bn Moroccan dirhams ($57bn) in May
2014, which represents 54% of Morocco's GDP.
More than 30% of the capitalisation is owned by international
investors. Some 74 listed companies achieve a turnover of 250bn
dirhams, which is 25% of the country's GDP, and generate nearly
26bn dirhams net income.