Casablanca Stock Exchange
Morocco’s principal securities exchange and a major capital-market institution in Africa.
Last updated August 22, 2026
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Overview
The Casablanca Stock Exchange, also known as the Bourse de Casablanca, is Morocco’s principal organized securities market and is based in Casablanca. Established in 1929, it provides the institutional infrastructure through which listed Moroccan companies raise equity capital and investors trade securities. The exchange forms part of Morocco’s wider financial system alongside the Moroccan Capital Market Authority, Bank Al-Maghrib, the Ministry of Economy and Finance, brokerage firms, custodians, and investment funds. The exchange has been reshaped several times through legal, institutional, and technological reforms. A particularly important modernization phase took place in 1993, when the market’s regulatory framework and trading infrastructure were overhauled. The reforms introduced electronic trading and reorganized activity into a Central Market and a Block Trade Market. The Central Market handles ordinary exchange transactions, while the Block Trade Market is designed for negotiated transactions involving large blocks of securities. In 1997, Maroclear was established as Morocco’s central securities depository. Although Maroclear is a related market institution rather than the exchange itself, its creation strengthened the post-trade infrastructure supporting the clearing, custody, and settlement of securities transactions. The exchange continued its technical development in the 2000s, adopting the NSC V900 trading system in 2008, a platform also used by Euronext. This increased automation and supported more transparent and efficient transaction processing. The exchange’s principal market indicators have also evolved. The earlier Index de la Bourse des Valeurs de Casablanca, commonly called the IGB, was replaced in January 2002 by the MASI and MADEX indices. MASI, the Moroccan All Shares Index, tracks all listed shares and is intended to provide a broad measure of the equity market. MADEX focused on the most actively traded continuously listed shares and served as a reference for market participants until it was replaced by the MSI20 at the beginning of 2022. The CFG 25 is another market indicator, comprising 25 listed stocks and representing a substantial share of total market capitalization. The Casablanca Stock Exchange is an important source of financing for Moroccan businesses and a reference point for domestic and international investors seeking exposure to Morocco. It has also become one of Africa’s larger stock markets. According to the cited 2025 reference material, the exchange had 78 listed companies and 17 brokerage firms as of August 2025, with aggregate market capitalization of approximately 1.043 trillion Moroccan dirhams. These figures describe the market at that date and may change with listings, delistings, share prices, and currency movements. The exchange remains active and continues to occupy a central position in Morocco’s capital-market development.
History
The Casablanca Stock Exchange was established in 1929 in Casablanca and has since served as Morocco’s organized marketplace for securities trading. Its development has followed the broader modernization of Morocco’s financial system, with successive legal, institutional, and technical changes intended to improve market access, transparency, and the exchange’s ability to support corporate financing. A major reform phase occurred in 1993. The exchange’s regulatory and operational framework was modernized, electronic trading was introduced, and the market was divided into two principal segments: the Central Market and the Block Trade Market. This structure distinguished ordinary market transactions from negotiated trades involving large blocks of securities. The reforms marked a transition away from more traditional exchange processes toward a more automated and formally segmented market. The creation of Maroclear in 1997 was another important step in the development of Morocco’s securities infrastructure. Maroclear became the central securities depository responsible for clearing and settling securities transactions. Its establishment complemented the exchange by strengthening the post-trade processes required for custody, settlement, and the transfer of ownership. During the 2000s, the exchange continued to improve its technology and reporting systems. In early 2008, it adopted the NSC V900 trading platform, which was also used by Euronext. The change further automated order handling and contributed to the transparency and efficiency of the market. Reference material records that market capitalization had exceeded €67 billion by mid-2008 and that average daily trading volume was above €100 million at that time; these historical figures should be interpreted within the market and currency conditions of 2008. The exchange’s benchmark system changed in January 2002, when the earlier IGB index was replaced by MASI and MADEX. MASI was designed as a broad all-share measure, while MADEX followed the most actively traded continuously listed shares. In early 2022, MADEX was replaced by the MSI20. The exchange also maintains or supports other market indicators, including the CFG 25, which represents a selection of 25 listed companies and a large portion of overall market capitalization. Through the 2010s and 2020s, the Casablanca Stock Exchange continued adapting its legal status, market infrastructure, and role in the financing of Morocco’s economy. It developed into one of Africa’s leading exchanges by market scale. The 2025 reference material lists 78 companies and 17 brokerage firms as of August 2025 and reports market capitalization of approximately 1.043 trillion Moroccan dirhams. The exchange remains an active national capital-market institution, while its performance and importance are influenced by listings, equity valuations, investor participation, regulation, and Morocco’s wider economic development.
- 2025
Market scale reported at August 2025
[1]Reference material reported 78 listed companies, 17 brokerage firms, and approximately 1.043 trillion Moroccan dirhams in market capitalization as of August 2025.
- 2022
MSI20 replaced MADEX
[1]The MSI20 replaced MADEX as the exchange’s index for a selected group of actively traded Moroccan shares.
- 2008
NSC V900 trading system adopted
[1]The exchange adopted NSC V900, further automating trading and strengthening transaction transparency.
- 2002
MASI and MADEX introduced
[1]The former IGB index was replaced by the MASI broad-market index and the MADEX index for actively traded listed shares.
- 1997
Maroclear established
[1]Maroclear was established as Morocco’s central securities depository for the clearing and settlement of securities transactions.
- 1993
Market modernization reforms
[1]Major reforms modernized the regulatory framework and trading infrastructure, introduced electronic trading, and divided the market into Central Market and Block Trade Market segments.
- 1929
Exchange established
[1]The securities exchange was established in Casablanca, beginning its role as Morocco’s organized marketplace for securities.
Products and positioning
A national securities exchange focused on the listing and trading of Moroccan equities, market transparency, capital formation, and the development of Morocco’s organized financial markets.
Equity trading market · 1993
Central Market
The Central Market is the principal segment for ordinary exchange transactions in listed securities. It was introduced as part of the 1993 restructuring that divided the exchange’s activities into a regular market and a separate block-trading segment. The market supports continuous price formation and organized trading in listed Moroccan equities.
Block trading market · 1993
Block Trade Market
The Block Trade Market is the exchange segment intended for large negotiated transactions involving blocks of securities. Its creation formed part of the 1993 market reforms and provided a distinct mechanism for trades whose size or negotiated nature differs from ordinary market activity.
Broad equity index · 2002
MASI
The Moroccan All Shares Index, commonly known as MASI, covers all listed shares on the Casablanca Stock Exchange. It is intended to provide investors and analysts with a broad measure of the performance and longer-term direction of Morocco’s listed equity market.
Equity index · 2022
MSI20
The MSI20 is an index representing a selected group of Moroccan equities traded on the Casablanca Stock Exchange. It replaced the MADEX at the beginning of 2022 and serves as a reference indicator for a narrower set of actively traded or representative shares.
Equity index
CFG 25
The CFG 25 consists of 25 stocks listed on the Casablanca Stock Exchange. Reference material describes it as representing approximately 80 percent of the total market capitalization of listed companies, making it a concentrated indicator of the exchange’s largest market segments.
Brand decisions
2022
Replaced MADEX with MSI20Generation changeBackground
The exchange revised its index framework for actively traded or representative listed shares.
Action taken
The MSI20 replaced MADEX beginning in 2022.
Aftermath
MSI20 became the newer reference index for the selected-share segment of the Moroccan equity market.
2008
Adopted the NSC V900 trading systemProduct launchBackground
The exchange continued modernizing its trading infrastructure as transaction automation and transparency became increasingly important to international and domestic market participants.
Action taken
It implemented the NSC V900 trading system, also used by Euronext.
Aftermath
The change further automated trading and supported more efficient and transparent transaction processing.
2002
Replaced the IGB with MASI and MADEXGeneration changeBackground
The exchange updated its benchmark-index structure to provide both a broad measure of all listed shares and a narrower measure focused on active shares.
Action taken
It replaced the IGB with the MASI and MADEX indices.
Aftermath
MASI became the broad all-share indicator, while MADEX served as a reference for actively traded equities until its replacement by MSI20 in 2022.
1993
Reorganized the exchange into Central and Block Trade MarketsStrategyBackground
The exchange undertook broad legal, regulatory, and technical reforms to modernize trading and improve the organization of securities transactions.
Action taken
It introduced electronic trading and divided market activity between the Central Market and the Block Trade Market.
Aftermath
The restructuring created a more differentiated and automated market framework and became a foundation for later technology and infrastructure upgrades.
Recent events
- 2025
Casablanca Stock Exchange reported as one of Africa’s largest exchanges by market capitalization[1]
Other
Reference material reported that, as of August 2025, the exchange comprised 78 listed companies and 17 brokerage firms, with total market capitalization of approximately 1.043 trillion Moroccan dirhams.
- 2022
MADEX replaced by MSI20[1]
Product generation
The MSI20 replaced the MADEX as the exchange’s index for a selected group of actively traded Moroccan equities.
- 2008
Casablanca Stock Exchange adopted the NSC V900 trading system[1]
Product generation · Other
The exchange adopted NSC V900, a trading system also used by Euronext, as part of its continuing automation and market-infrastructure modernization.
Sources2 sources
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