Listing a warrant/certificate on BdL Market

Listing on the Bourse de Luxembourg (BdL) market will require submission of a prospectus to Luxembourg Financial Supervisory Authority, the Commission de Surveillance du Secteur Financier (CSSF). Once the prospectus has been reviewed and approved, the security will be listed and admitted to trading.

  • Before listing a warrant or certificate on the BdL market, you must first file a prospectus with the CSSF within the e-Prospectus web platform. To find out more, visit the CSSF’s website:

  • In order to be listed on the BdL market, your security must fulfil the following criteria, among others:

    • Warrants and certificates should be eligible for clearing and settlement
    • Warrants and certificates should be freely negotiable and fungible

    Note that historical financial statements are not required for newly incorporated companies.

    See Part 1, Chapters 5 and 7 of LuxSE’s Rules & Regulations for full details of our listing requirements.

  • File a prospectus
    An issuer must also file an application with LuxSE to before being admitted to trading on the BdL market. Complete the following documents and send them to

    • A copy of the prospectus
    • Application form
    • Undertaking letter

    Final submission
    Listing can only take place after receipt of the following items:

    • Final version of the prospectus
    • First listing price (current market price)
    • Closing confirmation
    • Split of RegS - Rule 144A Notes (if applicable)
  • Fees related to the approval of a prospectus are to be paid to the CSSF. Details of the CSSF’s fees can be found here:

    Listing and maintenance fees are paid to LuxSE and are priced in euros.

    Approval fee
    (if and as applicable)
    First listing Subsequent listings Supplement
      2,500 1,000 600
    Listing fee First listing Subsequent listings Fungible
      1,000 600 600
    Maintenance fee Per security per year

    Maintenance fees are charged per ISIN and are payable up front for up to a maximum of 20 years.

    For more details about fees, see our listing fees booklet.

  • After listing and admission to trading, issuers are required to fulfil certain reporting obligations. Issuers must file documents containing regulated information to the CSSF, as outlined under the Law of January 2008 (as amended), which implements the requirements of the EU Transparency Directive.

    Issuers must also file information and scheduled corporate events with LuxSE (Part 1, Chapter 9 of the Rules & Regulations).

    Issuers on the BdL market can take advantage of LuxSE’s FIRST, a new integrated tool that distributes publications to the market, the Officially Appointed Mechanism (OAM) and the CSSF. By using FIRST, you will fully comply with all regulatory reporting obligations.

  • In the context of MiFID II / MiFIR and MAR, the LuxSE is obliged to collect a ‘Legal Entity Identifier’ or ‘LEI’ code from any issuer operating on its regulated market (Bourse de Luxembourg) and on its Multilateral Trading Facility (Euro MTF) and communicate it to the relevant supervisory authorities.

    You can apply for and renew an LEI code directly via LuxSE.

    LEI code

Do you need further information?

Contact us

Alex Picco

Head of Listing

+352 47 79 36 261
Carlo Oly

Head of Relationship Management

+352 47 79 36 227