Bloomberg supports Bank Al-Maghrib launch of Interbank Derivatives Market in Morocco

Rabat  – As part of the launch of Morocco’s interbank derivatives market, Bank Al-Maghrib, Morocco’s central bank, has selected Bloomberg’s Foreign Exchange Electronic Trading Platform (FXGO) and E-bond (EBND) platforms to facilitate trading of foreign exchange swaps and MONIA (Moroccan Overnight Index Average) overnight index swaps (OIS). The use of the E-Bond platform for OIS trading aims to strengthen the development of Morocco’s interest rate market and promote greater transparency and efficiency in interbank trading activity.

Bloomberg’s FXGO platform, which was already used for interbank spot trading of the US Dollar/Moroccan Dirham (USD/MAD), has now been expanded to also support interbank trading of USD/MAD currency swaps. The adoption of a centralized electronic trading solution is part of the central bank’s broader efforts to deepen the foreign exchange market and support market participants in managing currency risk more effectively.

The Bloomberg EBND system provides a complete, consolidated marketplace for Moroccan government bonds, offering market participants a robust and flexible set of tools supporting the full trade workflow, under the supervision of the Ministry of Economy and Finance. This includes pre-trade price discovery and analytical tools, the ability to handle both multi-dealer request-for-quote (RFQ) and order trading, straight-through processing (STP) functionality and integrated trade capture and reporting tools. In addition, it allows the Bank Al-Maghrib to review market activity in real time with access to live pricing data.

“We are delighted to launch Bloomberg FXGO and EBND systems to Morocco in collaboration with the Bank Al-Maghrib, and contribute to increasing the transparency, liquidity and efficiency of the Moroccan financial market,” said Nicholas Bean, Global Head of Electronic Trading, Bloomberg. “ We look forward to working with the local market-making community to enhance market infrastructure and support capital market development across North Africa.”

The adoption of Bloomberg’s FXGO and EBND platforms follows Bank Al-Maghrib’s adoption of a new methodology for calculating Morocco’s official yield curve in 2023, which leverages EBND market data and analytics from the secondary market. This initiative has further strengthened the pricing framework for fixed-income securities and enhanced the country’s financial market infrastructure.

The combination of Bloomberg’s electronic trading solutions for foreign exchange and fixed income provides a robust foundation for Morocco’s evolving capital markets, supporting their continued development in line with global best practices.

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