Maroclear

What Maroclear does

Maroclear is Morocco's sole Central Securities Depository (CSD), operating under a statutory monopoly established by Law 35-96 since 1997. The company provides post-market infrastructure for the Moroccan capital market, offering five core services: affiliation onboarding for financial intermediaries and issuers, settlement and delivery (DVP/DFP) with cash leg processed through Bank Al-Maghrib, admission of securities with ISIN/CFI/FISN coding under ANNA framework, corporate actions management, and dematerialized securities custody. These services are delivered exclusively through a formal regulatory affiliation process—no participant in the Moroccan capital market can access settlement and custody services outside of Maroclear.

The underlying technology consists of centralized CSD infrastructure with electronic title transfer systems supporting real-time settlement across stock exchange (J+3), OTC, and repo market segments. Maroclear operates the Moroccan Coding Agency (AMC), assigning ISIN codes under ANNA's international framework, and maintains a comprehensive repository of 2,999+ securities values. The company has ISO 27001 certification (renewed 2020) and RSE Label from CGEM. In 2025, it deployed nine digitalized services as part of a broader transformation initiative, with stated future exploration of Blockchain, AI, and advanced data analytics.

Maroclear generates revenue through a commission-based model with five streams: current account commissions, assets commissions (on MAD 3,016 billion AUC), movement commissions, admission commissions (one-time), and management commissions (recurring). Affiliates are required to maintain a minimum guarantee provision of MAD 10,000. Revenue is concentrated among Moroccan financial institutions, with major affiliates including Attijariwafa Bank, Bank Al-Maghrib, BMCI, Bank of Africa, CDG, RMA Wataniya, and Bourse de Casablanca, all represented on the Board of Directors. FY2025 net income reached MAD 34.16 million (+116% YoY) on value added of MAD 128.26 million (+37% YoY).

Name

Maroclear

Legal name

Maroclear

Website

https://maroclear.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Maroclear is Morocco's sole regulated Central Securities Depository (CSD), providing dematerialized securities custody, settlement/delivery, corporate actions management, and ISIN coding services to Moroccan financial intermediaries, issuers, and collective investment vehicles under a statutory monopoly.

Ownership category

akta.pro rank

Product category

Central Securities Depository

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), CSD Asset Servicing (Income, Redemptions, Tax Withholding) (FSAFAGAH), Cash Settlement & DvP/PvP Settlement Agent Services (CSD-Integrated) (FSAFAGAK), Central Securities Depository (CSD) & ICSD SFT Services (FSACAIAL)

Keywords

• Central securities depository
• Securities custody services
• Settlement and delivery
• Corporate actions processing
• Securities administration

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Account Current Commissions: Commission charged on current accounts held by affiliates at Maroclear.
2. Assets Commission: Commission on assets under custody and management.
3. Movement Commission: Commission charged on securities movements and transfers.
4. Admission Commission: One-time commission charged to issuers for admission of securities to Maroclear's operations.
5. Management Commission: Ongoing management commission charged to issuers for securities administration services.
6. Net Income 2025: Net result of 34.16 million dirhams for fiscal year 2025, up from 15.82 million dirhams the previous year. Value added created reached 128.26 million dirhams in 2025.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Maroclear is Morocco's sole Central Securities Depository (CSD), providing post-market infrastructure including dematerialized securities custody, delivery-versus-payment (DVP) settlement, securities admission with ISIN/CFI/FISN coding, and corporate actions management. The company serves as the Moroccan Coding Agency (AMC) and processes all securities transactions for banks, brokers, insurers, and issuers through its centralized electronic platform.

Product overview

Maroclear operates as a centralized post-market infrastructure for the Moroccan capital market, offering a unified platform of core depository services and complementary data services. The core platform consists of five interconnected services: Affiliation (onboarding of financial institutions and issuers), Settlement/Delivery (transaction finalization with title and cash leg processing), Admission of Securities (registration and ISIN/CFI/FISN coding), Securities Operations Management (corporate action processing), and Securities Custody (electronic safekeeping with account segregation). Overlaying the core services are four data services: the Repository (reference data on securities and affiliates), Settled Flows (transaction settlement statistics by market segment), Securities Conservation Data (issuance and outstanding balance tracking), and the Securities Events Calendar (corporate action scheduling). The architecture is a centralized, single-instance platform where all five core services share a common data layer and the repository, with data services providing reporting and analytics on top of the operational core.

Differentiator

Problem solved

Functional benefit

Products and services

• Affiliation to the Central Depository The formal process by which a financial institution or issuer registers with Maroclear to access its services, including evaluation, contracting, technical integration, and training. Required for all financial intermediaries and issuers to access the central depository's services.
• Settlement/Delivery System enabling the finalization of securities transactions through transfer of titles between affiliates' current accounts with concurrent cash settlement via Bank Al-Maghrib. Supports Delivery Free of Payment (DFP) and Delivery versus Payment (DVP) settlement models across stock exchange (J+3), OTC (real-time), and repo transactions.
• Admission of Securities The registration and admission of financial instruments (shares, bonds, negotiable debt instruments) into Maroclear's systems, including ISIN, CFI, and FISN code assignment as the Moroccan Coding Agency (AMC), eligibility analysis, and issuance recording.
• Securities Operations Management (OST) Management and execution of corporate action events affecting financial securities held in account, including mandatory events (dividends, bonus shares, mergers) and voluntary events (capital increases, optional conversions), ensuring proper cash and securities processing.
• Securities Custody Electronic safekeeping and management of financial instruments on behalf of affiliates in dematerialized format, with continuous verification that total issued securities match total positions recorded in affiliate accounts, using a chart of accounts that ensures maximum security and segregation.
• Repository (Référentiel) Centralized access to accurate and reliable reference data for securities and affiliates, including a directory of 2,999 listed values with ISIN codes, CFI/FISN classifications, issuer information, and account status.
• Settled Flows (Flux Dénoués) Complete and detailed view of finalized transactions by market segment (Bourse, OTC, Repo, Transfer), providing monthly transaction counts and settled volumes in EUR, with filtering by CFI type and settlement type.
• Securities Conservation Data Data on securities custody including issuance volumes, delistings, and outstanding balances broken down by asset class (Debt, Equity, OPCVM), with periodic valuation figures in EUR.
• Securities Events Calendar (OST Échéancier) Schedule of corporate action events including interest payments and principal repayments on rate instruments, organized by security code with detachment and payment dates.

Quantifiable outcome

• Assets conserved reached MAD 3,016 billion in 2025, up 19% from 2024
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature5 records

Partnerships

Six partnerships are on record, tiered core and major.

• Bank Al-MaghribcoreTechnology or IntegrationMorocco's central bank operates cash settlement accounts for Maroclear's securities settlement operations. All cash settlements for securities transactions are processed through accounts held at Bank Al-Maghrib. This is a fundamental infrastructure partnership enabling delivery-versus-payment settlement.
• AMMC (Autorité Marocaine du Marché des Capitaux)coreTechnology or IntegrationCapital markets regulator providing oversight of Maroclear's operations. AMMC issues regulatory guidance and approves operating rules. Maroclear operates under AMMC's supervisory framework for market infrastructure.
• Bourse de CasablancacoreTechnology or IntegrationCasablanca Stock Exchange is the primary organized market for equity trading in Morocco. Maroclear provides post-trading settlement and custody services for exchange-traded securities. Regular coordination on market operations and corporate actions.
• ANNA (Association of National Numbering Agencies)coreTechnology or IntegrationInternational association of national numbering agencies. Maroclear, as the Moroccan Coding Agency (AMC), assigns ISIN, CFI, and FISN codes under ANNA's international framework, ensuring compatibility with global securities identification standards.
• SWIFTmajorTechnology or IntegrationInternational financial messaging network. Maroclear participates in SIBOS annual conference and utilizes SWIFT messaging standards for international settlement connectivity and cross-border transaction processing.
• CDG (Caisse de Dépôt et de Gestion)majorTechnology or IntegrationState-owned financial institution serving as a major affiliate of Maroclear. CDG manages public deposits and investments, holding significant positions in Moroccan securities through Maroclear's custody system.

Scale indicators9 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Euroclear: Euroclear operates one of the world's largest ICSDs and several national CSDs (Belgium, France, Netherlands, UK, Ireland, Finland, Sweden). It is the most direct functional peer to Maroclear as both operate centralized securities depository and settlement infrastructure, deliver custody, settlement, and asset servicing under PFMI-equivalent frameworks, and charge transaction- and asset-based fees.
• Clearstream: Clearstream, part of Deutsche Börse Group, is the Luxembourg-based ICSD and German CSD, providing settlement, custody, and asset servicing to issuers and intermediaries globally. It is a direct peer to Maroclear in CSD core functions, including DVP settlement, securities lending, and collateral management, and operates under the same PFMI principles.
• Iberclear: Iberclear is the Spanish CSD operating the post-trade infrastructure for the Spanish securities market. It is a direct peer of Maroclear as a regulated national CSD providing DVP settlement, custody, and corporate action services, with similar regulatory oversight and revenue model.
• Monte Titoli: Monte Titoli is the Italian Central Securities Depository providing post-trading services for the Italian market. It is a direct peer of Maroclear as a national CSD serving domestic intermediaries and issuers with settlement, custody, and corporate action services, and is part of Euronext's post-trade infrastructure.
• Nasdaq CSD (Nordic): Nasdaq CSD operates the central securities depositories in Denmark, Finland, Iceland, and Sweden under the Nasdaq Nordic infrastructure. It is a direct peer to Maroclear in providing CSD services for multiple national markets within a single integrated platform with settlement, custody, and asset servicing.

Broad incumbents

• BME Clearing (BME / SIX Group): BME Clearing is the Spanish central counterparty (CCP) and integrated post-trade operator within SIX Group. It is a broad incumbent peer relevant to Maroclear's settlement infrastructure through shared regulatory frameworks (CSDR, PFMI) and complementary clearing-and-settlement value chain roles.
• Saudi Tadawul (EDAA / Muqassa): Saudi Exchange (Tadawul) together with its subsidiary EDAA operates the integrated exchange, clearing, and depository infrastructure for Saudi Arabia's capital market. It is a broad incumbent peer covering exchange trading, clearing, and CSD functions under a single national infrastructure provider structure analogous to Maroclear's role.
• JSE (Johannesburg Stock Exchange): The JSE operates the integrated exchange and post-trade infrastructure for South African securities, including CSD-equivalent settlement functions. It is a broad incumbent peer to Maroclear as a regulated capital market infrastructure provider offering trading, settlement, and custody services in an African market context.

Regional players

• Strate: Strate is the South African CSD operating as the licensed central securities depository for equities and bonds in South Africa. It is a regional peer of comparable size and market structure (single national CSD monopoly for an emerging-market capital market) with similar regulatory positioning and digital transformation challenges.
• MCDR (Misr for Central Clearing, Depository and Registry): MCDR is the Egyptian Central Securities Depository providing post-trade infrastructure for the Egyptian capital market. It is a regional peer with comparable functions (national CSD monopoly, ISIN coding, settlement, custody, corporate actions) in an emerging North African/Middle Eastern market similar in structure to Morocco.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Maroclear_CSD

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maroclear