The Casablanca Stock Exchange (CSE; Arabic: بورصة الدار البيضاء; French: Bourse de Casablanca) is a stock exchange based in Casablanca, Morocco. It is the second-largest stock exchange in Africa, after the Johannesburg Stock Exchange.[2]
| بورصة الدار البيضاء Bourse de Casablanca | |
 | |
 | |
| Type | Stock Exchange |
|---|---|
| Location | Casablanca, Morocco |
| Founded | November 7, 1929 |
| Key people | Brahim Benjelloun Touimi (chairman of the board of directors) Tarik Senhaji (managing director) |
| Currency | MAD |
| Market cap | 1.043 trillion MAD (13 August 2025) ($116 billion USD)[1] |
| Indices | |
| Website | casablanca-bourse.com |
Established in 1929, the Casablanca Stock Exchange plays a central role in the Moroccan financial system. As of August 2025, it comprised 17 brokerage firms and 78 listed companies, with a total market capitalisation of approximately 1.043 trillion dirhams (about US$116 billion).[3]
The exchange underwent major reforms in 1993, leading to the modernization of its regulatory framework and trading infrastructure. An electronic trading system was introduced, and the market was reorganized into two segments: the Central Market and the Block Trade Market, the latter dedicated to block trades.
In 1997, the Casablanca Stock Exchange established the central securities depository Maroclear, responsible for the clearing and settlement of securities transactions.[4]
History
editSince its establishment in 1929, the Casablanca Stock Exchange has undergone several legal, institutional and technical reforms aimed at adapting its operations to developments in domestic and international financial markets.[5]
In early 2008, the exchange adopted the NSC V900 trading system, also used by Euronext, further improving the automation and transparency of transactions. By mid-2008, market capitalisation had exceeded €67 billion, while average daily trading volume was above €100 million.[6]
During the 2010s, the Casablanca Stock Exchange continued to adapt its institutional framework and infrastructure, notably through changes to its legal status and the strengthening of its role in financing the Moroccan economy. In 2014, average daily trading volume was estimated at approximately €10 million.[7]
In the 2020s, the exchange consolidated its position among Africa's leading stock markets, with market capitalisation exceeding 1,000 billion dirhams, reflecting both market expansion and changes in the valuation of listed companies.[8]
Indices
editOriginally, the Casablanca Stock Exchange used the Index de la Bourse des Valeurs de Casablanca (IGB) as its main index. In January 2002, the IGB was replaced by two indices: MASI and MADEX.
MASI
editMADEX
editThe MADEX (Moroccan Most Active Shares Index) comprised the most actively traded shares listed continuously on the exchange. Its variations were closely linked to the overall market, and it served as a reference index for funds invested in equities.
The MADEX was replaced by the MSI20 from the beginning of 2022.
CFG 25
editThe CFG 25 consists of 25 stocks listed on the Casablanca Stock Exchange and represents around 80% of the total market capitalization of all listed companies.
Related organizations
editSee also
editReferences
edit- ↑ "Capitalization". Casablanca Stock Exchange. Archived from the original on 13 August 2025. Retrieved 13 August 2025.
- ↑ "The Largest Stock Exchanges in Africa by Market Capitalization". Dabafinance. Retrieved 18 December 2025.
- ↑ "Bourse de Casablanca". Retrieved 25 July 2025.
- ↑ "Central securities depository – Maroclear | AMMC". www.ammc.ma. Archived from the original on 16 February 2025. Retrieved 18 December 2025.
- ↑ "Société Gestionnaire de la Bourse : Bourse de Casablanca | AMMC". www.ammc.ma (in French). Archived from the original on 8 February 2025. Retrieved 18 December 2025.
- ↑ "Les promesses du nouveau système de cotation". Le Matin.ma (in French). 16 March 2008. Retrieved 18 December 2025.
- ↑ "La Bourse de Casablanca termine en hausse". Médias24 (in French). 25 December 2014. Retrieved 24 December 2025.
- ↑ Mokhliss, Rochdi (20 July 2025). "1.000 milliards de dirhams de capitalisation à la Bourse de Casablanca !". Le Matin.ma (in French). Retrieved 18 December 2025.