Casablanca Launches First Futures Contract on MASI 20 Index
- saad8518
- Sep 23
- 1 min read
The Casablanca Stock Exchange has introduced its first derivatives product: a futures contract on the MASI 20 index, in May 2025, marking a historic step for Morocco’s capital markets.
Product Features: Based on the MASI 20 (20 most liquid large caps), cash-settled, with four maturities (March, June, September, December). Contract size: MAD 10 per index point, with an initial margin of MAD 1,000.
Uses: Hedging against MASI downturns, speculative positioning, and portfolio diversification.
Leverage: Significant, allowing exposure well above the initial margin.
Regulatory Oversight: Approved by the AMMC, with safeguards (margin calls, suspension triggers, delisting mechanisms).
Challenges: Success depends on liquidity, active market makers, and investor appetite for derivatives.
The launch aims to test Morocco’s readiness for derivatives markets, paving the way for future products like single-stock futures, options, and swaps. It also strengthens Casablanca’s ambition to position itself as a regional financial hub aligned with international standards.
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