Privatization has stimulated activity on the Casablanca Stock Exchange(Bourse de Casablanca) notably through trade in shares of large former state-owned operation. Founded in 1929, it is one of the oldest stock exchanges in Africa, but it came into reckoning after financial reforms in 1993,[4] making it the third largest in Africa.[5] The stock market capitalisation of listed companies in Morocco was valued at $75,495 billion in 2007 by the World Bank.[6] That is an increase of 74% compared with the year 2005.