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

  • 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
  *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 statments 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

Contact us




portrait-API.jpg
Alex Picco

Head of Listing

+352 47 79 36 261 api@bourse.lu



portrait-COL.jpg
Carlo Oly

Head of Relationship Management

+352 47 79 36 227 col@bourse.lu