Morocco’s Autorite marocaine du marche des capitaux (AMMC) has widened the maximum price variation permitted for newly listed shares during their first five trading sessions on the Casablanca Stock Exchange. In a communique issued on Thursday 25 June, the regulator announced that the threshold, effective from 23 June 2026, is set at plus or minus 20 percent of the reference price. The measure is designed to improve the price formation process at the time of initial public offerings and to support the broader dynamism of the domestic capital market.
Under the previous regime, newly admitted shares were subject to tighter variation limits during their early sessions. Once the five-session introductory period has elapsed, securities revert to the standard daily variation thresholds applicable to all listed stocks: 10 percent in continuous trading mode and 6 percent in fixing mode.
Alongside the technical rule change, the AMMC issued a set of best practice reminders to brokerage firms aimed at preserving the integrity of order books and ensuring equal treatment among investors during listing operations. The guidance specifically addresses the risks of sharp price movements in the early sessions of a newly listed security, which can attract intense activity from a wide range of investor profiles.
Brokerage firms are instructed to avoid entering duplicate orders during the pre-opening phase and to apply strict chronological priority in the processing of orders. They are also required to manage so-called “standing instruction” orders with particular care, prohibiting their cancellation without an explicit client instruction and without an auditable telephone recording on dedicated lines.
The AMMC further calls on brokerage platforms to anticipate the heightened transaction volumes typical of first trading sessions by reinforcing technical infrastructure, strengthening internal controls and fulfilling their duty of client counsel — particularly when dealing with orders likely to cause pronounced price swings. The measures reflect the regulator’s commitment to combining market development with rigorous oversight.
