BdL market vs Euro MTF market

The Luxembourg Stock Exchange operates two markets: the EU-regulated Bourse de Luxembourg (BdL) market and the exchange-regulated Euro MTF market. Learn about the main differences between the two markets.

Two markets, one exchange

When listing on the Euro MTF market, the Luxembourg Stock Exchange is in charge of prospectus approval and the prospectus is drawn up according to our own rules and regulations. When listing on the BdL market, Luxembourg’s financial regulator, 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 market benefit from less stringent requirements for financial reporting.

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.

Key differences between the two markets

BdL market EU-regulated market
Euro MTF market Exchange-regulated market

The CSSF, Luxembourg’s supervisory authority, is in charge of prospectus approval
Eligible for a European passport
Entry for issuers is subject to the Prospectus and Transparency Obligation Directives
Issuers subject to International Financial Reporting Standards (IFRS), or an equivalent, for non-EU issuers

The Luxembourg Stock Exchange is in charge of prospectus approval
No European passport provided
Outside the scope of the Prospectus and Transparency Obligation Directives
Financial reporting is in line with IFRS. However, other accounting standards, such as Generally Accepted Accounting Principles (GAAP), are accepted

BdL and Euro MTF market comparison

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 market for the following subject:

Prospectus approval
Listing
Trading
Ongoing obligations

	BdL market	Euro MTF market
Competent authority	CSSF or other EU competent authority *	Luxembourg Stock Exchange
Competent authority		*Under the following circumstances, LuxSE is responsible for approving a prospectus: - Admissions of securities not covered by part II of the law on prospectuses -Foreign open-ended UCIs, not being distributed in Luxembourg
Prospectus directive	Applicable	Out of scope, LuxSE ROI applicable
EU Passport granted for admission to trading in other EU member states	Applicable	Not applicable
Financial history	If available : 2 years for bonds 3 years for equity
Language regime	English, german, french, luxemburgish
Approval fees	CSSF fees / LuxSE fees *	LuxSE fees

	BdL market	Euro MTF market
Eurobond tax exemption	Applicable
ECB collateral eligibility	Applicable
Listing fees	Same LuxSE listing & maintenance fees
General rules and conditions for admission to the official list	Securities freely negociable and fungible
		See Part 1, Chapter 5 and 7 of the LuxSE Rules and Regulations for full details of the listing requirements.
		Shares : Minimum capital of €1,000,000 or equivalent value in other currencies; Minimum public free float of 25%, Minimum track record of 3 years
		Funds : The share class to be listed must be active and have a Net Asset Value
		Bonds : Minimum issue size €200.000, or equivalent value in other currencies
General rules and conditions for admission to a market	LuxSE Rules & Regulations Chp 5 : General rules and conditions for admission to a regulated market	LuxSE Rules & Regulations Chp 6 : General rules and conditions for admission to an MTF
Listing agent mandatory	It is not mandatory to appoint a listing agent, the issuer itself or a company acting on its behalf can submit requests for approval.

	BdL market	Euro MTF market
Trading platform	UTP Trading platform
Trading available	All securities are admitted to trading
Eligible market for investments by UCITS	Applicable
Publication of indicative prices	Applicable
Post-trade : Clearing	LCH Clearnet Guaranteed or Path-through / Bilateral
Post-trade : Settlement	Shall be eligible in Euroclear Bank and Clearstream Banking and bridge solution
Market abuse	Applicable

	BdL market	Euro MTF market
Audit Directive	Applicable	Not applicable
Transparency directive	Applicable	Not applicable : Issuers are subject to specific reporting obligations. (Part 1, Chap 10 LuxSE Rules & Regulations)
Financial statements disclosure	Applicable, use FIRST tool
- Bonds	Annual and semi-annual if denominations < 100k	Annual if denominations < 100k, if required by national law
- Equities	Annual and semi-annual	Annual and semi-annual, if required by national law
- Accounting standards	IFRS accounting standard or equivalent	Financial reporting based on local GAAP or IFRS
OAM filing required	Applicable, use FIRST tool	Not applicable
CSSF filing	Applicable, use FIRST tool	Not applicable
Distribute publications to the market	Applicable, use FIRST tool
Continuing obligations of issuers of securities admitted to trading	Continuing obligations of issuers of securities admitted to trading - Corporate events (Part1, Chap 9 - LuxSE Rules & Regulations)
Centralised database and disclosure	Prospectuses and related documents freely available on LuxSE website

Listing process

Follow this simple five-step process, from selecting your preferred market to listing your security.

If you need further information

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Contact us

Alex Picco

Head of Listing

+352 47 79 36 261 api@bourse.lu

Carlo Oly

Head of Relationship Management

+352 47 79 36 227 col@bourse.lu

BdL market or Euro MTF market

Two markets, one exchange

Key differences between the two markets

BdL and Euro MTF market comparison

Listing a wide range of securities

Listing a bond

Warrant/certificate

Listing under a programme

Listing a share/GDR

Listing an investment fund/ETF

Instruments overview