The Moroccan Capital Markets Authority has increased the price fluctuation limits for newly listed equity securities on the Casablanca Stock Exchange, widening the upward and downward cap to 20 percent of the reference price during the first five trading sessions after listing. The change, effective June 23, is intended to support stock market activity and improve price discovery during initial public offerings. After the first five sessions, newly listed shares revert to the daily limits already in force, namely 10 percent for continuous trading and 6 percent for fixing. Alongside the change, the authority reminded market participants of conduct and operational expectations during IPOs, including avoiding duplicate orders and orders entered before the pre-opening phase via Trader Workstation, respecting chronological time priority, and prohibiting cancellation of pending orders without formal client instructions and recorded telephone logs. It also called on firms to ensure sufficient online trading capacity, reinforce first- and second-level real-time controls, and warn clients against orders that could disrupt trading or trigger abrupt price moves.
Moroccan Capital Markets Authority2026-06-25
Moroccan Capital Markets Authority widens IPO price fluctuation limits to 20 percent for first five sessions and reiterates trading controls
The Moroccan Capital Markets Authority raised the price fluctuation limit for newly listed equities on the Casablanca Stock Exchange to 20 percent up or down for the first five trading sessions, effective June 23. After that period, the standard daily limits of 10 percent for continuous trading and 6 percent for fixing apply. The authority also reminded firms of IPO trading controls covering order handling, client instruction records, system capacity and real-time compliance oversight.