Morocco\u2019s stock market reforms entered a new phase after the Capital Markets Authority (AMMC) introduced new trading rules designed to improve the efficiency of initial stock listings, strengthen price discovery, and enhance investor protection on the Casablanca Stock Exchange.<\/p>\n
The Morocco stock market reforms took effect on June 23 and increase the maximum daily price fluctuation allowed for newly listed shares during their first days of trading. The regulator said the changes aim to make the market more efficient and attractive while helping newly listed companies reach valuations that better reflect actual market conditions.<\/p>\n
Under the updated framework, shares of newly listed companies can rise or fall by up to 20% from their reference price during the first five trading sessions after listing. The authority said the wider trading range will allow prices to respond more effectively to supply and demand during the critical early period following a market debut.<\/p>\n
The measure is expected to support a more accurate valuation process by enabling investors to determine market prices with fewer constraints during the first days of trading.<\/p>\n
Once the initial five trading sessions have passed, the securities will return to the standard fluctuation limits applied on the Casablanca Stock Exchange. These limits remain set at 10% for securities traded in continuous sessions and 6% for those traded through fixed-price sessions.<\/p>\n
The AMMC also reiterated its commitment to market integrity and called on financial professionals to follow established trading standards. The regulator urged brokers and market participants to avoid submitting duplicate orders during the pre-opening phase and to remove any duplicate orders during pricing sessions to prevent disruptions that could affect order books.<\/p>\n
In addition, the authority advised traders against entering orders before the official opening of the pre-opening phase through the Trader Work Station platform. According to the regulator, such practices may generate a large number of rejected orders and place avoidable pressure on trading infrastructure.<\/p>\n
The regulator stressed the importance of respecting order time priority and maintaining proper supervision of discretionary portfolio management instructions. It also reminded brokerage firms that client orders should not be cancelled without explicit instructions or recorded authorization through approved trading communication channels.<\/p>\n
Investor protection remains a central objective of the Morocco stock market reforms. The AMMC encouraged market participants to ensure that their technological systems can handle the higher trading volumes often associated with new stock listings. The regulator recommended reviewing and upgrading online trading platforms to manage increased activity during initial pricing periods.<\/p>\n
The authority also emphasized the need for stronger compliance procedures and real-time monitoring systems to ensure adherence to market regulations. Financial professionals were urged to guide clients responsibly and discourage trading behavior that could disrupt market operations or create excessive price volatility.<\/p>\n","protected":false},"excerpt":{"rendered":"
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