Changes to sub-custody arrangements in Morocco in 2014 included the implementation of real-time settlement for off-market trades. Regulatory developments from the Moroccan market regulator resulted in amendments to the market code with the addition of a new section dedicated to securities lending.

According to Hasnâa Barzali, head of securities services in Morocco, Societe Generale Securities Services, the planned introduction of Islamic finance in Morocco by next year will permit the creation of new specialist entities, among them Gulf banks keen to enter the Moroccan market.

Planned changes to sub-custody arrangements include the normalisation of Swift exchanges between the Moroccan CSD and its affiliates, as well as the implementation of securities lending schemes in the securities IT system.

Sylvie Nouri, head of Morocco, BMCI Security Services, says the market is making a lot of progress in reaching international standards and opening doors to investors in Africa and worldwide. “Looking ahead, we are excited about the opportunities arising from a partnership between the Casablanca Stock Exchange, London Stock Exchange and the African Stock Exchange the introduction of a derivatives market in 2015. These are proof that Morocco is becoming more attractive.”