maroclear in brief key figures milestones the new platform : an overview prospects 2
TRANSCRIPT
M A R K E T P R O F I L E
AMEDA ANNUAL MEETING
CAIRO 2011
Maroclear in brief
Key figures
Milestones
The new platform : an
overview
Prospects
C O N T E N T S
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MAROCLEAR IN BRIEF Unique Central Securities Depository in
Morocco
Started operation : July 1997
Centralization of custody of all eligible securities
Full dematerialization
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MAROCLEAR IN BRIEF Scope of business : Equities, Government
debt, Debentures, Money-market instruments and Mutual funds
« Omnibus accounts model » : accounts held exclusively in the name of sub-custodians (banks, broker-dealers and issuers) : no direct interaction with beneficial owners
N.N.A (ISO 6166 compliant) 4
MAROCLEAR IN BRIEF Exchange and OTC settle DVP
Cash accounts held at CB
MCL sends cash instructions to CB CB reports back to MCL before debit/credit of securities accounts
Settlement cycle :
. Exchange :T+3
. OTC : T+0 5
KEY FIGURES Total outstanding under custody : 1200
Billion MAD
Equities : 50 %
Govies : 25 %
Mutuals : 17 %
Money Market Instruments : 8 %
Number of trades settled daily : 4 200
Value of trades settled : 30
Billion MAD
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KEY FIGURES
Number of issues : 993
. Equities : 86
. Govies : 170
. Mutuals : 323
. MMI : 414
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KEY FIGURES
Participants : 150
. Broker-dealers : 17
. Banks : 15
. Issuers : 113 (Indirect for most of them)
. Others : 5
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KEY FIGURES
Number of trades : 4 200
Value of trades settled : 28 Billion MAD
. Exchange : 1 Billion
. Off-Exchange : 27 Billion (NB : Repo’s = 80%)
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MILESTONES
1997 : Création de Maroclear
1998 : Admission des valeurs cotées
en bourse
1999 : Admission des bons du Trésor
2000 : Admission des
OPCVM
2001 : Mise en place du réseau d’interconnexio
n
2002 : Généralisation de règlement
contre livraison
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MILESTONES
2006 : Ouverture du
musée marocain des titres anciens
2007 : Renforcement du dispositif de back-up hors site
2008 : Lancement du
projet de nouvelle plate-
forme
2009 : Généralisation
du cryptage des données
2010 : Mise en production de la nouvelle plate-forme
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THE NEW PLATFORM (ARCHITECTURE) Four-tier Architecture (4 layers) :
1-User interface & presentation layer
(Multibrowser) 2-Application layer (Business logic)3-Communication service layer (Swift & others)4-Database layer (2 DB : operation & reporting)
Redundancy is key Business continuity
- All critical devices are duplicated (servers, routers, switches) and under close monitoring
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THE NEW PLATFORM (ARCHITECTURE) hot stand-by on main site (HACMP cluster
providing high availability in case of failover)
Periodic synchronization between main and DR
Synchronous replication mechanism between Production and DR is considered
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THE NEW PLATFORM (NETWORK)
High performance and high availability network (Dedicated leased lines+VPN SSL)
All flows , incoming and outgoing, encrypted
Enhanced safety (RSA authentication)
On-line monitoring solution implemented
lately14
THE NEW PLATFORM (FUNCTIONS) Clear separation between Exchange and OTC
Single batch settlement for Exchange trades
Real-time gross settlement for OTC
Interface dedicated to Repo’s
One single instruction covering both legs of
repo’s
Additional functions : collateral swap,
termination…
Real-time monitoring of all instructions
status15
THE NEW PLATFORM
Ability to cope with high volume spikes
Flexible and upgradable JEE based core-
application
Long-term AMC with high profile provider
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CUSTOMER’S SURVEY FINDINGS (1) Conducted mid-2011
To be performed regularly
Valuable source of insights
Interesting approach to sound out users needs and stay tuned in with their expectations
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CUSTOMER’S SURVEY FINDINGS (2) Overall positive perception of users in terms
of functions, performances, reliability and business continuity (85/100 rating)
Users highly value :
1-the benefits of real-time settlement for
OTC2-the flexibility of the interface
(Files/creens)
3-the on-line monitoring of all settlement
processes
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CUSTOMER’S SURVEY FINDINGS (3) As expected, users demand various
enhancements :
1-Corporate actions2-Clients details
Besides, they request additional services
such as
1-SLB2- More STP …
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THOMAS MURRAY RATING Overall risk rating upgraded from A- to A in
March 2011 risk evaluation review
Ratings given range from A- (low risk) to A+ (very low risk)
Rating upgrade expected soon
Clarifications to be provided
Improvement measures under way….
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WHAT’S NEXT
WHAT’ NEXT
Continuity procedures redesigning
Real-time replication on DR
BCP to be tested in 2012
SLB legal framework on the table
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