The announcement was made last week by the Minister of Economy and Finance, Nadia Fettah, at the first Conference of the Professional Association of Stock Exchange Companies (APSB): the futures market will be launched on April 6, 2026. This deadline puts an end to years of waiting for market players who, until now, have been deprived of tools to protect themselves against fluctuations or bet on the future.
Indeed, to date, investors on the Casablanca Stock Exchange can only buy shares or subscribe to undertakings for collective investment in transferable securities (UCITS). It is impossible to hedge against an anticipated market downturn or bet on a decline. This situation is set to change soon.
But beyond the technical tool, a whole new vision is taking shape. What Morocco is putting in place is much more than just a stock market compartment: it is an infrastructure that aims to reassure national and international investors, attract foreign capital, and make Casablanca a financial hub for Africa. How does this new instrument work in practice? And how does it mark a turning point for the Casablanca Stock Exchange?
Volatility endured, volatility managed
To understand the significance of this launch, we must first understand what is actually changing. Today, when you invest in the stock market, you buy or sell shares. Period. With the futures market, it will be possible to buy or sell contracts that bet on the future performance of a stock market index, without ever owning the shares. Initially, the contract will cover the MASI 20—which includes the 20 most liquid companies on the market. Other derivatives are expected to follow if this first one is well received by investors.
The main benefit? Hedging. A stock portfolio valued at 500,000 MAD that falls by 10% loses 50,000 MAD. With a futures contract sold on the MASI 20, this contract will gain in value and offset the loss. Protection comes at a price: if the market rises, the gain on the shares will be reduced by the loss on the contract. This is the principle of insurance.
« With the futures market, we move from unmanaged volatility to managed volatility. This greatly reduces investors’ stress in the face of market fluctuations, especially in a context of uncertainty. »
This hedging capability transforms the opportunities available to investors. A « paradigm shift, « according to Dr. Mahmoud El Hassouni, professor and researcher at SUP MTI Rabat and trading expert. « With the futures market, we move from unmanaged volatility to managed volatility. This greatly reduces investor stress in the face of market volatility risks, especially in a context of uncertainty, » he explains.
These fluctuations are not solely due to domestic factors. They also reflect the sensitivity of the Casablanca market to movements in international markets. Far from being a weakness, this correlation is, on the contrary, a sign of maturity, according to Dr. El Hassouni. « The fact that the Casablanca Stock Exchange is impacted by the global economy is a good sign. It shows the connectivity of our companies in the global business world, » he argues.
Building the upper floor
The futures market will not be directly accessible to individuals. Investors will have to go through brokerage firms accredited by the Futures Market Management Company (SGMAT). This new subsidiary, created as part of the transformation of the Casablanca Stock Exchange into a holding company, will be responsible for managing the entire futures market. This mechanism aims to guarantee the security and transparency of transactions on this new segment.
This launch is not by chance. Morocco is now the second largest financial center in Africa, after South Africa. The Casablanca Stock Exchange has exceeded one trillion MAD in market capitalization, with 79 listed companies. The top ten capitalizations—Attijariwafa Bank, Managem, Itissalat Al-Maghrib, Marsa Maroc, BCP, SGTM, Bank of Africa, Taqa Morocco, LafargeHolcim Maroc, and TGCC—all exceed $3 billion.
And it is precisely this critical mass that makes the introduction of a futures market possible. « You can’t create a futures market without first having a solid foundation: a liquid spot market and companies of significant size. It’s a gradual process. We first laid the foundations with the stock market, and now we’re developing the next level: derivatives,« says Dr. El Hassouni.
A basket of stocks in one click
In the wake of the futures market, another innovation is on the horizon: ETFs (Exchange Traded Funds), listed index funds that have revolutionized asset management worldwide. Bill 03-25 on UCITS, recently adopted by the House of Representatives, paves the way for their introduction in Morocco.
The principle behind an ETF is simple: it is a publicly traded investment fund that replicates the performance of a benchmark index. An ETF linked to the MASI 20, for example, will hold the same stocks as the index, in the same proportions. By purchasing a single share, investors hold a fraction of a complete portfolio. How does this differ from a traditional equity fund? The manager of a traditional fund retains the freedom to deviate from the index, anticipate trends, or favor certain stocks. An ETF, on the other hand, simply replicates the performance of the index. This passive management reduces costs and makes performance more predictable.
The main advantage of ETFs is liquidity. Unlike a traditional fund, where subscriptions are made once a day, ETFs are traded continuously like a stock.« For institutional investors, it will be a new tool for passive management and portfolio hedging. For individuals, it is a way to invest in the stock market without in-depth knowledge of each security, with a diversified basket that limits concentration risk,« says Farid Mezouar, financial markets expert and director of FL Markets.
A broader range
The UCITS reform is not limited to ETFs. It also introduces currency funds, an innovation that corrects an anomaly that has been penalizing the Casablanca market. Until now, all Moroccan funds had to be denominated in dirhams, even when targeting international investors—a framework that was not very compatible with the inflow of foreign capital.
As a result, many foreign investors, although free to repatriate their capital, stayed away. Not because of a lack of interest, but because they had to value their investments in a currency they do not use. « International investors prefer to keep their investments in their reference currency, usually the dollar or the euro, » explains Badr Alioua, president of Sterling Asset Management. Allowing them to invest in Morocco without going through the dirham should remove a psychological barrier and facilitate the arrival of new flows.
The reform also introduces participatory UCITS, in line with the principles of Islamic finance, which aim to integrate part of the national savings that have so far remained outside the formal circuit. It also introduces funds with lighter regulations for qualified investors, designed for institutional investors and family offices, which will offer more flexible structures for financing niche sectors or high value-added projects.
Focus on Africa
Beyond the technical tools, these innovations are part of a broader vision: to make Casablanca a leading financial platform for Africa. The stated goal is to reach 200 listed companies by 2035, up from 79 today, driven by the recent enthusiasm for IPOs.
But this enthusiasm must be accompanied by safeguards. « It is a strategic lever that needs to be regulated in terms of financial literacy to avoid flash crashes, because people who are new to the market will be victims of their emotions. And the financial market demands rationality,« says Dr. El Hassouni. The challenge is to develop the market while protecting investors.
The strategy is based on a virtuous circle: political stability, infrastructure, a solid economy, a sophisticated financial market, international credibility, new IPOs, and enhanced liquidity. The arrival of international capital is crucial. « Before, they were hesitant because of a lack of hedging instruments. Now, when they see that they can manage risk in Morocco, international institutions can come in and inject their capital and increase liquidity, » explains Dr. El Hassouni.
This vision goes beyond the simple spectrum of finance. « It’s not just a question of financial infrastructure, it’s a comprehensive strategy that affects everything. It’s a whole ecosystem in motion: Casa Finance City, major investment projects, the regulatory framework… We’re not creating empty shells, we’re building synergies between all these elements,« he insists.
Written in French by Safae Hadri; edited in English by AngloMedia Group.
