BdL market or 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

• 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:

Listing a wide range of securities

Listing process

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

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