TheMoroccan ‘ economy is improving in these last decades due to the large numberof financial instruments existing within the constitution of the development ofmonetary and financial structures. Therefore, the first financial instrumentexisting is the stock which is an owner of property representing by a fractionof the capital of a firm offering qualification to dividends and differentrights. These stocks can be held using two methods: either Bearer shares inwhich the name of the owner is known to the financial intermediary but is notcommunicated to the issuing company or Registered shares in which the name ofthe owner is known to the issuing company. Secondly, there are bonds which can be subjectto a stock market issue, which allows the investor to resell his or herborrowing bonds before maturity or buy new market bonds. Also, Obligations arefound in Morocco which are considered negotiable bonds that permit thecontractor to get the funds within a certain period of time, causing thepayment of interest and payment of the initial loan amount in accordance withthe issuance arrangements.
Moreover, we find the Mutual Fund (FCP) which is ashared ownership of securities which takes no legitimate personality and it ismanaged by a fund management company acting on behalf of the owners. There’sthe OPCVM which is a financial institution whose vocation is the collection ofsavings from investors to invest in securities according to well-definedcriteria. Anotherfinancial instrument is the Securitization trust (FPCT) is a condo, not havinglegal personality, whose sole object is to acquire debts of one or moreinitiating institution, by means of the issue of units or debt securities.Finally, the Venture Capital Funds Is an investment fund that aims to financesmall and medium-sized companies, mainly Moroccan and unlisted, through theacquisition of capital and debt securities and through the granting of advancesfrom the current account to partners.