- AMMC — Autorité Marocaine du Marché des Capitaux
- Morocco's capital markets regulator, equivalent to the SEC (US) or AMF (France). Supervises the Bourse de Casablanca, licensed brokers, investment funds, and market intermediaries. Enforces disclosure rules, investigates insider trading, and approves new listings. Established in 2013 to replace the former CDVM with broader powers and independence.
- BAM — Bank Al-Maghrib
- Morocco's central bank, established in 1959. Responsible for monetary policy, financial stability, and managing foreign exchange reserves. Sets the key policy rate (currently 2.75% as of December 2024), manages the dirham's exchange rate regime, and acts as lender of last resort to Moroccan banks.
- BVC — Bourse de Casablanca
- Morocco's only stock exchange, founded in 1929. Lists equities, bonds, and other instruments. Trading runs Monday–Friday, 09:30–15:30 WAT. Supervised by the AMMC. One of the largest stock exchanges in Africa by market capitalisation.
- Dirham (MAD)
- The official currency of Morocco (ISO: MAD), subdivided into 100 centimes. Not freely convertible — capital account transactions require Office des Changes approval. Operates under a crawling peg against a basket weighted 60% euro, 40% US dollar, managed by Bank Al-Maghrib within a fluctuation band of ±5%.
- Free Float
- The proportion of a company's shares available for public trading. Shares held by founders, government, or strategic investors are excluded. The MASI uses free-float market capitalisation weighting — a company's index weight is based only on its publicly tradeable shares, not total market cap. Higher free float means better liquidity and price discovery.
- MASI — Moroccan All Shares Index
- The main benchmark equity index of the Bourse de Casablanca, covering all listed companies weighted by free-float market capitalisation. Calculated in real time using a Laspeyres formula. Launched in 1993 with a base of 1,000 points. The standard reference for Moroccan equity market performance.
- MASI20
- A blue-chip index tracking the 20 most liquid companies on the Bourse de Casablanca, reviewed quarterly. Used as the underlying for structured products, ETFs, and derivatives. Divergences from the MASI indicate rotation between large caps and the broader market.
- Maroclear
- Morocco's central securities depository. Records ownership of listed securities and manages T+2 settlement of trades. Also handles corporate actions: dividend payments, rights issues, stock splits.
- OCP Group
- Morocco's state-controlled phosphate mining and fertilizer company, one of the world's largest phosphate producers. Morocco holds ~70% of known global phosphate reserves. Listed on the BVC and one of the heaviest MASI components. Performance closely tied to global phosphate and fertilizer prices.
- OPCVM — Organisme de Placement Collectif en Valeurs Mobilières
- Moroccan collective investment schemes (mutual funds), equivalent to European UCITS. Regulated by AMMC, managed by licensed management companies. Types include equity, bond, money market, and diversified funds. Primary vehicle for retail investor access to Moroccan capital markets.
- Crawling Peg
- Since January 2018, the dirham operates within a managed fluctuation band of ±5% around a central rate linked to a currency basket (60% EUR, 40% USD). Bank Al-Maghrib intervenes to keep the dirham within this band. The long-term goal is a fully floating exchange rate.
- T+2 Settlement
- Trades on the BVC settle two business days after execution. A Monday trade settles Wednesday. Weekends and holidays are not business days. Settlement is processed through Maroclear. The international standard adopted by most major exchanges.