Maroclear in brief Key figures Milestones The new platform : an overview Prospects 2

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

3

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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