London and Casablanca forge partnership 26 June 2014London Reporter: Stephen Durham
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The London Stock Exchange Group (LSEG) and Casablanca Stock Exchange (CSE) have signed a strategic agreement to expand CSE’s activity in the North Western and Central African regions.
The agreement, signed by Xavier Rolet, CEO of LSEG, and Karim Hajji, CEO of CSE, took place at a special ceremony presided over by British and Moroccan dignitaries such as King Mohammed VI of Morocco.
Following the agreement, LSEG will share its expertise on the full exchange business chain including listing, trading, clearing, settlement and custody in order to position Casablanca’s capital markets and financial infrastructure as a regional hub.
In addition, MillenniumIT, part of LSEG, will provide trading and market surveillance technology to CSE.
“This strategic partnership between LSEG and CSE holds huge potential for future business opportunities within Morocco and the wider North West and Central Africa region, and we hope that it will serve to strengthen the economic ties between the UK and the region,” commented Rolet.
Hajji said: “I am convinced that together we will build a solid foundation paving the way for new business and investment opportunities in North, West and Central Africa. "
The CSE is one of the most developed markets in Africa with a market capitalisation of £33.56 billion (at the end of May) which represents 54 percent of Morocco's GDP. More than 30 percent of the capitalisation is owned by international investors.
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