FMIs constitute an essential component of the financial system. They provide large networks for the daily transit and processing of financial transactions and for counterparties’ interconnections. Because of this key role, FMIs face significant financial and operational risks and amplify interdependencies between stakeholders of the markets where these infrastructures operate. 

In Morocco, the payment systems architecture involves three interbank payment systems, including one for large amounts and two for retail payment, in addition to two systems for clearing and settlement / delivery, namely the stock exchange and the securities central depository.

The Moroccan Gross Settlement System (SRBM) is the large-amount system managed by Bank Al-Maghrib. As for retail payments, exchange of non-card payment means are cleared through the Moroccan remote clearing system (SIMT), managed by the Group for an interbank remote clearing system (GSIMT), while card transactions are exchanged via e-money switches.

The clearing and settlement infrastructure comprises two systems. The clearing of securities is ensured by the Casablanca Stock Exchange, while their settlement and delivery are carried out by the settlement system managed by the Central Depository, Maroclear.

These so-called "financial market infrastructures" (IMFs) are the backbone of the financial system and provide the networks through which financial transactions are handled.

All the balances resulting from these systems are settled in central bank money on the books of Bank Al-Maghrib. 

By virtue of article 10 of law No. 76-03 bearing Statutes of Bank Al-Maghrib, the fundamental mission of the latter is to monitor payment systems. This article empowers the Bank to take all measures necessary to facilitate transfer of funds and to ensure the smooth operation and the security of Market Infrastructures. 

To fulfil its statutory missions of ensuring MFIs’ oversight, Bank Al-Maghrib has developed, in coordination with the concerned parties, a Multilateral Convention on Market infrastructures Oversight.

This convention, signed by all MFI managers with the purpose of defining the methods whereby Bank Al-Maghrib shall monitor these infrastructures and the obligations of their managers, transposes the principles and standards defined by BIS and IOSCO as a reference for the Bank in supervising these market infrastructures.

Meanwhile, in addition to the legal enshrinement of the provisions contained in the Multilateral Convention on Monitoring, the proposed reform of the rules governing systems and means of payment provides for a new legal framework to broaden the Bank's prerogatives in this area and to raise requirements with the aim of ensuring their resilience and their ability to withstand a systemic shock. Besides, the project includes prior approval of the Central Bank as a prerequisite for any exchange system (payment, clearing or settlement) subject to its supervision.

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