The Casablanca stock market has relocated its transaction sites, enabling traders to conclude transaction without needing to be present at the headquarters of the bourse.
The new system, which came into force of September 1 "will help enterprises to negotiate transactions directly from their premises without having to go to the Stock market's headquarters in downtown Casablanca," the Bourse administration said.
Brokers said they are ready for the new system, having developed their technical capacities according to a commitments file, required by the bourse authorities.
The stock market administration said the system is optional for the time being to allow companies and brokers adapt to the new techniques that will ease transactions and ensures a better service at the Moroccan financial market.
"We will give time to the companies having placements in the bourse. Traders will continue to negotiate transactions at the bourse's headquarters, until the new system is fully running in," the Bourse authorities said.
The firms and traders welcomed the new move. "This will spare us the trouble to go daily to the bourse," Said Ahmed Nejmi, owner of a transportation firm. "The move will also help us have more time to settle other problems and develop other activities," he said.
Traders are doubtful, however, as to how the bourse will guarantee efficient control of transactions with the new system. "There is no problem in this regard," says the bourse administration, adding "we can use the new information technologies to control transactions." — (Albawaba-MEBG)
© 2000 Mena Report (www.menareport.com)
