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Published byRebecca Vega Modified over 10 years ago
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Maroclear in brief Key figures Milestones The new platform : an overview Prospects 2
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Unique Central Securities Depository in Morocco Started operation : July 1997 Centralization of custody of all eligible securities Full dematerialization 3
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Scope of business : Equities, Government debt, Debentures, Money-market instruments and Mutual funds « Omnibus accounts model » : accounts held exclusively in the name of sub-custodians (banks, broker-dealers and issuers) : no direct interaction with beneficial owners N.N.A (ISO 6166 compliant) 4
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Exchange and OTC settle DVP Cash accounts held at CB MCL sends cash instructions to CB CB reports back to MCL before debit/credit of securities accounts Settlement cycle :. Exchange :T+3. OTC : T+0 5
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Total outstanding under custody : 1200 Billion MAD Equities : 50 % Govies : 25 % Mutuals : 17 % Money Market Instruments : 8 % Number of trades settled daily : 4 200 Value of trades settled : 30 Billion MAD 6
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Number of issues : 993. Equities : 86. Govies : 170. Mutuals : 323. MMI : 414 7
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Participants : 150. Broker-dealers : 17. Banks : 15. Issuers : 113 (Indirect for most of them). Others : 5 8
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Number of trades : 4 200 Value of trades settled : 28 Billion MAD. Exchange : 1 Billion. Off-Exchange : 27 Billion (NB : Repos = 80%) 9
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1997 Inception 1998 Demat of listed securities 1999 Admission of Govies 2000 Admission of mutual funds 2001 Proprietary network 2002 DVP All segments 10
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2006 Securities museum 2007 Enhancement of DR site 2008 Launching of the new platform project 2009 Data encryption 2010 New platform goes live 11
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Four-tier Architecture (4 layers) : 1-User interface & presentation layer (Multibrowser) 2-Application layer (Business logic) 3-Communication service layer (Swift & others) 4-Database layer (2 DB : operation & reporting) Redundancy is key Business continuity - All critical devices are duplicated (servers, routers, switches) and under close monitoring 12
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hot stand-by on main site (HACMP cluster providing high availability in case of failover) Periodic synchronization between main and DR Synchronous replication mechanism between Production and DR is considered 13
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High performance and high availability network (Dedicated leased lines+VPN SSL) All flows, incoming and outgoing, encrypted Enhanced safety (RSA authentication) On-line monitoring solution implemented lately 14
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Clear separation between Exchange and OTC Single batch settlement for Exchange trades Real-time gross settlement for OTC Interface dedicated to Repos One single instruction covering both legs of repos Additional functions : collateral swap, termination… Real-time monitoring of all instructions status 15
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Ability to cope with high volume spikes Flexible and upgradable JEE based core-application Long-term AMC with high profile provider 16
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Conducted mid-2011 To be performed regularly Valuable source of insights Interesting approach to sound out users needs and stay tuned in with their expectations 17
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Overall positive perception of users in terms of functions, performances, reliability and business continuity (85/100 rating) Users highly value : 1-the benefits of real-time settlement for OTC 2-the flexibility of the interface (Files/creens) 3-the on-line monitoring of all settlement processes 18
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As expected, users demand various enhancements : 1-Corporate actions 2-Clients details Besides, they request additional services such as 1-SLB 2- More STP … 19
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Overall risk rating upgraded from A- to A in March 2011 risk evaluation review Ratings given range from A- (low risk) to A+ (very low risk) Rating upgrade expected soon Clarifications to be provided Improvement measures under way…. 20
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