Bank Al-Maghrib and the Moroccan Capital Market Authority (AMMC) have recently released a report on the activity of the Inter-Institutional Coordination Instance for the Futures Market (ICMAT) covering the period from 2019 to 2025. The report outlines the main regulatory and operational developments related to the futures market, which aims to strengthen risk coverage mechanisms, liquidity, and resilience in Morocco's capital market.
The ICMAT was established in 2019 as a result of a formal institutional synergy between Bank Al-Maghrib and the AMMC. According to the report, the ICMAT has played a key role in developing a regulatory framework that aligns with international standards. This has involved a working group comprising experts from the Ministry of Economy and Finance, Bank Al-Maghrib, and the AMMC.
The report highlights several major achievements, including the validation of market regulations and clearing house rules, the setting of capital requirements for trading and clearing members, and the establishment of a prudential framework for the clearing house. The ICMAT has adopted a gradual and inclusive approach to implementing standards and products, aiming for progressive and sustainable development of the futures market.
The examination of the first authorization files marks the final preparatory phase for the launch of the futures market. The ICMAT aims to ensure a successful start for the market, which is now structurally sound and aligned with international best practices. The market is expected to provide essential risk coverage tools, enhance capital market liquidity, and stimulate financial innovation in support of Morocco's economic growth and financing.
As part of the market's operationalization, the ICMAT and its stakeholders have intensified awareness and communication initiatives targeting market players. These efforts include technical working sessions to familiarize future members with the regulatory framework and specific requirements for trading and clearing members.
The report also notes the convergence with the insurance sector, involving the Moroccan Authority of Insurance and Social Security (ACAPS) and the Federation of Moroccan Insurers (FMA). This collaboration aims to mobilize market makers and ensure liquidity and depth in the market upon its launch.
The completion of the regulatory framework and the authorization of the first members mark the emergence of a modern market infrastructure aligned with international resilience standards. The futures market represents a cornerstone of enhanced financial sovereignty, offering Moroccan economic actors essential risk management mechanisms in a volatile global environment.
Key points
- The ICMAT has developed a regulatory framework for Morocco's futures market that aligns with international standards.
- The market aims to provide risk coverage tools, enhance liquidity, and stimulate financial innovation in support of Morocco's economic growth.
- The launch of the futures market marks a significant step towards strengthening Morocco's capital market and financial infrastructure.
