“The national stock market must disrupt itself in order to be a real catalyst for the initiation of the New Development Model (NMD).” This observation was made by the Moroccan expert in digital transformation, Nacer Kettani, during the conference organized by the Casablanca Stock Exchange under the theme “Technology, a catalyst for a market to seed the New Development Model.”
The objective of this meeting, which brought together a diverse panel of experts and personalities from the world of finance, was to review the achievements and progress of the Casablanca market and to discuss the current technological challenges. Thus, emphasis was placed on the importance of technological innovation in the resilience of the stock market, based on the experience and achievements of the Casablanca Stock Exchange in this area.
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The Casablanca Stock Exchange, Committed
“The stock market is ready to accompany the economic development of Morocco and to take up the challenges of financing assigned by the New Development Model (NMD),” said the General Manager of the Casablanca Stock Exchange, Tarik Senhaji. To achieve this, it is essential to quadruple the size of the Casablanca Stock Exchange and “to increase the percentage of transactions made by international investors, up to 25%,” added the boss of the Casablanca Stock Exchange.
Indeed, since the implementation of the first e-listing platform in 1997, all market players (Casablanca Stock Exchange, Maroclear, Stock Exchange Companies) are strongly committed to a continuous technological and operational monitoring, which has resulted in the implementation, in 2016, of the new system of listing and monitoring of the Casablanca Stock Exchange. Under the supervision of the Ministry of Economy and Finance and the regulation of the Moroccan Capital Market Authority (MCMA), all the players involved have fully mobilized to develop recognized expertise and operational excellence. “These are illustrated, today, by a fifth consecutive year of 100% availability of technological platforms. This mastery and expertise have proven to be crucial, particularly in times of health crisis,” said the Bourse’s CEO.
Technology, an important lever
For his part, Nasser Seddiqi, Director of Financial Operations and Markets at the Moroccan Capital Market Authority (AMMC), highlighted the contribution of technology to the development of the capital market and, by the same token, the initiation of the New Development Model (NMD), the implementation of which requires significant additional financial resources that will have to be provided by the financial markets. Indeed, the NMD positions the capital market, and particularly the Casablanca Stock Exchange, at the center of the financing of the economic recovery.
The speakers say, in this sense, that the stock market will continue to place technology at the center of its business model to continue its development and maintain the operational excellence in which all players operate. In this regard, Kamal Mokdad, Chairman of the Board of Directors of the Casablanca Stock Exchange, said “The Moroccan stock market has chosen technology very early, since 1997. This major orientation has enabled us to build a market platform that meets the best international standards and is proven, resilient and scalable. It has been accompanied by a process of continuous innovation and improvement that has accelerated the development of a genuine national technological expertise and has enabled us to achieve a high level of operational excellence. In this context, the platform and the Tech expertise thus developed undeniably reinforce the role of the financial market as an effective means to support the financing of NMD.”
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First published in LES ECO.ma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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