The Luxembourg Stock Exchange operates two markets: the EU-regulated Bourse de Luxembourg (BdL) market and the exchange-regulated Euro MTF. Learn about the main differences between the two markets.
When listing on the Euro MTF, the Luxembourg Stock Exchange (LuxSE) is in charge of prospectus approval and the prospectus is drawn up according to our LuxSE's own Rules and Regulations. When listing on the BdL market, Luxembourg Financial Supervisory Authority, the Commission de Surveillance du Secteur Financier (CSSF), reviews and approves a prospectus.
By being outside the scope of EU regulations, issuers on the Euro MTF benefit from less stringent requirements for financial reporting. Aside from existing exemptions already in place for European entities, non-European sovereigns and corporate issuers whose shares are listed on an EU Regulated Market or equivalent are granted an exemption from the formal approval of their prospectus by LuxSE for admissions on the Euro MTF (FastLane admission process).
However, only issuers that list on the BdL market have access to EU passporting, meaning that the same prospectus approval can be used to list on other EU exchanges.
BdL market EU-regulated market
Euro MTF Exchange-regulated market
In order to get an holistic view on LuxSE’s two markets, this comparative table shows the main differences between the BdL and Euro MTF for the following subject:
Follow this simple five-step process, from selecting your preferred market to listing your security.