Futures Market: The Casablanca Stock Exchange Successfully Conducts a Full-Scale Test with Relevant Stakeholders

The Casablanca Stock Exchange successfully executed more than 1,000 simulated orders during a full-scale test. The primary objective of this test was to verify the robustness of the technological and organizational infrastructures, including the management company of the futures market and the clearinghouse. It also aimed to assess their interconnection with various members and the fluidity of trading, clearing, and risk management processes. The test covered all market cycles, including the opening fixing, continuous trading, and closing fixing. It also allowed for the evaluation of risk management mechanisms, such as the calculation of initial margins, collateral, and margin calls. Additionally, the performance of trading, clearing, and data dissemination systems was validated. This test represents a significant advancement toward the effective launch of the futures market, which is seen as a strategic lever for the development and sophistication of the Casablanca financial hub. Following this test, the first approvals for trading members were issued by the Ministry of Finance, confirming the acceleration of the implementation timeline. The launch of the futures market will pave the way for new financial instruments, enabling investors to hedge their risks and diversify their investment strategies. For the Casablanca Stock Exchange, this is a key milestone in its ambition to rank among the major emerging financial markets.