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Clearing Settlement and Depository
The following is a listing of the AFE CSDs members and key information on their organization:

Kuwait Clearing Company (KCC) S.A.K. was established in 1982 by the authorities, to manage and resolve issues related to the collapse of the unofficial stock market, commonly known as the 1982 Souk Al-Manakh crisis. The project required close cooperation with numerous financial and governmental institutions and a few years of diligent work. Successful completion of the project helped KCC to gain respect from all parties involved.

On August 14, 1983, an Amiri Decree was issued to officially establish the Kuwait Stock Exchange (KSE) as an independent financial institution, supervised by an executive committee. This was a significant milestone for the Kuwaiti market and played an important role in the organization of the Kuwaiti stock market. It provided the foundation for market regulations and the legal structure of clearing and settlement.

In 1986, the KSE authorities appointed KCC to act as the clearing, and settlement agent for all security transactions at the KSE. In the same year, in consultation with the KSE, KCC formulated and implemented the necessary mechanisms and procedures for clearing and settlement processes. Since then, KCC has made significant progress in many aspects of its businesses and system developments.
More information on the Kuwait Clearing Company - K.S.C Website at http://www.maqasa.com/index_a.htm.

Misr for Central Clearing, Depository and Registry (MCDR) was established according to the provisions of the Capital Market law # 95 of 1992 and within the framework of the programs adopted by the Capital Market Authority (CMA) for developing the capital market mechanisms and applying the central depository system. This is done based on the French expertise of Paris stock Exchange and SICOVAM; a world leader in the application of the central depository system.

The Central Depository and Registry Law was issued on the 18th of May, 2000 to regulate MCDR activities, establish the relevant legal framework and add new activities to help MCDR become  a self Regulatory Organization. The activities and structure of the MCDR are regulated by a special law that grants MCDR the authorities required to undertake its functions, perform its duties and develop the services it provides to members according to the best international practices.

The main objective of the MCDR is to apply the central depository system, effect central registry of securities traded in the Egyptian capital market and facilitate securities trading on dematerialized shares. MCDR also aims at undertaking clearing and settlement on securities traded in the capital market and applying the Delivery Versus Payment system.
More information on the Misr for Central Clearing, Depository and Registry - MCDR Website at http://www.mcsd.com.eg/.

The company has been established according to the Royal Decree no. 82/98 issued in November, 25, 1998. It is a closed joint – stock company and its authorized capital is (2 million OMR), while the issued one is (1,500,000 OMR).

Since MSM owns 60% of the company capital, investment as well as brokerage companies and the banks own 40%.
More information on the Muscat Clearing and Depository CO.S.A.O.C Website at http://www.csdoman.co.om/mds/arabic/tabid/84/Default.aspx.

MAROCLEAR is the Central Depository of Securities in Morocco. He was given since the start of operations in 1997 is responsible for:
  • Oversee the process of dematerialization of securities
  • Centralize the conservation of assets managed by financial intermediaries
  • Administer current securities accounts in these
  • Facilitate the exercise of rights attached to shares (OST)
In this respect, the system is MAROCLEAR Payment / Delivery Manager allows to resolve all transactions on admitted to the Central Depository Operations values.

Continuing to grow at a steady pace, MAROCLEAR gradually expanded its services and has managed to position itself in the heart of the securities industry in Morocco as an infrastructure for post-trade service for all professionals.
More information on the The Central Securities Depository - MAROCLEAR Website at http://www.maroclear.com/.