[Last updated: 1 January 2024, unless otherwise noted]

Created in 1928, the Luxembourg Stock Exchange (Bourse de Luxembourg) (more commonly referred to as the LuxSE) currently operates two markets:

• A main regulated market offering a European passport (the Regulated Market).
• An exchange-regulated market (multilateral trading facility) (the Euro MTF).

In addition, the LuxSE offers issuers the possibility to register their securities on the Securities Official List (SOL), without admission to trading. SOL is designed for issuers looking for visibility for their securities and for whom admission to trading is not a prerequisite.

The Regulated Market

The Regulated Market offers a European passport for the admission to trading of securities to other European regulated markets. The competent regulatory authority to approve the listing prospectus is the Luxembourg Financial Supervision Commission (Commission de Surveillance du Secteur Financier or CSSF) or the competent authority of the issuer’s home member state for purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, if it is not Luxembourg. The listing of certain securities which do not benefit from the European listing and offering passport (e.g., non-EU open-ended undertakings for collective investment, money market instruments having a maturity at the issue of less than 12 months) is not subject to CSSF approval.

The Euro MTF

The Euro MTF was launched in 2005 and is appropriate for issuers not interested in the European passport and that wish to benefit from a European listing and less stringent financial reporting obligations. The Euro MTF market is an acceptable market for the purpose of eligibility of securities as collateral for the Eurosystem. For listings on the Euro MTF, the relevant regulatory authority is the LuxSE.

The trading system and market rules are identical for both markets. They function with a central order book and trades are executed with the use of Euronext’s Universal Trading Platform pursuant to a partnership agreement dated 22 March 2007 between Euronext N.V. and the LuxSE.

The LuxSE has developed a pragmatic approach over time, keen to admit innovative products to trading, including:

• The listing of the first European Eurobonds in 1963.
• The listing of global depositary receipts (GDRs) notably coming from emerging countries. Two indices were launched: the GDRs India and the GDRs Taiwan.
• Shariah-compliant sukuk loan notes, contingent convertible bonds, and Dim Sum bonds.
• Non-European undertakings for collective investment (such as Cayman and Jersey funds).

The LuxSE does not specialize in, or encourage listings by, particular types of companies. However, over the years the LuxSE has become a prime location for the listing of depositary receipts, international bonds, and units and shares in European and non-European undertakings for collective investment.

Historically, mainly foreign issuers and Luxembourg special purpose vehicles were listed on the LuxSE. This has not changed over the past years.

In addition, in 2016, the LuxSE created the Luxembourg Green Exchange, which is a platform dedicated exclusively to sustainable finance where the sustainable securities traded on the Regulated Market and the EuroMTF are displayed.

There are no different listing categories or segments. Listing admission and reporting rules are however different between the Regulated Market and the Euro MTF. The LuxSE does not recognize differences between primary and secondary listings.

As at January 2024, more than 1,800 issuers from more than 100 different countries had securities admitted on the official list of the LuxSE. More than 41,000 securities were listed, consisting of debt securities, share classes in investment funds, stocks and shares, warrants and other securities.