Global Economy
Morocco's ICMAT Lays Groundwork for New Derivatives Market with Comprehensive Regulatory Framework
The Moroccan financial landscape is set for a major evolution with the launch of the country’s new derivatives market. The Coordination Body for the Forward Market (ICMAT) has finalized its regulatory framework after years of preparation, paving the way for structured trading in financial instruments. Backed by Bank Al-Maghrib, the Moroccan capital market authority (AMMC), and other key institutions, the framework outlines capital requirements, risk management protocols, and membership criteria for trading and clearing participants.
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The much-anticipated launch of Morocco's derivatives market is inching closer as the Coordination Body for the Forward Market (ICMAT) officially unveils its full regulatory architecture. In a joint statement, Bank Al-Maghrib (BAM) and the Moroccan Capital Market Authority (AMMC) announced the completion of the ICMAT’s activity report covering the period from 2019 to 2025, detailing key milestones and preparations.
Major Regulatory Milestones
Established in 2019 under Law No. 42-12 governing forward transactions of financial instruments, ICMAT has worked alongside BAM, AMMC, the Treasury Directorate, and the Casablanca Stock Exchange to build a robust framework.
- Clearing House Rules – Published in March 2023, these govern member admission, trade settlement, guarantee fund operations, and default procedures.
- Market Management Platform Regulation – Released in September 2022, outlining how instruments are listed, negotiated, and managed.
Capital Requirements & Risk Controls
The framework sets strict capital thresholds:
- Market Manager Company: MAD 25 million minimum capital.
- Clearing House: MAD 100 million minimum capital.
- Trading Members: MAD 3 million if executing third-party trades; MAD 5 million if trading proprietary accounts.
- Clearing Members: Capital ranges from MAD 20 million (for one client) to MAD 40 million (for 15+ clients).
Risk-weighted capital charges and liquidity ratios further ensure stability across all participant types.
Approvals Rolling In
As of September 2025, several firms have secured licenses:
- Negotiating Members: CFG Markets, CDG Capital Bourse, BMCE Capital Bourse.
- Negotiating-Clearing Members: CDG Capital, Attijariwafa Bank, Bank of Africa (pending final ministerial approval).
Additionally, the transformation of the Casablanca Stock Exchange’s management company into a holding structure was confirmed in November 2024, aiming to streamline governance and enhance oversight.
Looking Ahead
ICMAT emphasizes that strong participation from institutional investors and effective market-making will be crucial to ensure liquidity when the market goes live. More details can be found on their official site: https://icmat.ma/publications/