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Listing
- Listing overview A comprehensive look at our listing offering
- e-Listing The digital listing solution
- Listing a bond Select your preferred market and list a debt security
- Listing a share/GDR Launch an IPO or simply list your equity products with us
- Listing an investment fund/ETF Get your funds UCITS or AIFMD admitted
- Listing a warrant/certificate Get your structured products off the ground
- Listing under a programme A quick and simple way to list large volumes of securities
- BdL market vs Euro MTF market Learn about the differences between our two markets
- Listing process Follow these five easy steps and find out how to list your security
- Listing Members Official members offering listing services
- Securities Official List (SOL) A listing alternative for specialised security types
- Professional Segments LuxSE features two Professional Segments, available on the regulated and the Euro MTF markets.
Quick links
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Trading
- Trading overview LuxSE facilitates trading in a wide range of financial instruments – learn how
- Investors Find out how to trade on both our markets
- Brokers and dealers Become a trading member and get access to LuxSE markets
- Trading members Consult the member list, choose the trader and place your orders
- Opening hours and closing days Our markets are open from Monday to Friday
- Clearing and settlement Learn more about the post-trading process
- Market Makers and Liquidity Providers LuxSE has implemented a range of Market Making Schemes to be compliant with MiFID II regulation
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Information services
- Information services overview Discover our broad range of information services
- FIRST Report & file financial information
- FNS Learn more about our tool for dissemination of financial news
- OAM Your access point for filing, storage and consultation of documents
- Market data products Discover our market data products range (e.g. Data distribution...)
- LEI - Legal Entity Identifier Make your life easier by applying directly for LEI (Legal Entity Identifier) at LuxSE
- PLUS - Perma Link Upload Service Document hyperlinking made easy
- Stops on bearer securities Placing a stop and confirmation of a 'no stop' and 'non forfeiture' of a security
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Market data & news
- Market data & news overview Find all notices, regulatory information and lists
- Market news Notices, OAM, new listings, delistings and suspensions
- Market data Latest prices on stocks, fixed income, funds and indices
- Market statistics Consult the different market statistics of the Luxembourg Stock Exchange
- Official list A full list of securities listed on our two markets
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Instruments
- Instruments overview Get the full picture out what instruments you can list
- Bonds All debt securities including green or RMB bonds...
- Shares and GDRs Common stocks and global depository receipts
- Investment funds AIFs, RAIFs, ETFs and UCITS - all under one roof
- Warrants Option-like structured investment products
- Certificates Structured products with debt characteristics
- Short term papers Short term money market instruments
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Regulation
- The New Prospectus Regime On 21 July 2019, the new EU Prospectus Regulation, along with the new Luxembourg Prospectus Act, fully entered into force.
- MiFID II/MiFIR LuxSE has adjusted its internal framework to ensure that it complies with the new MiFID II/MiFIR framework, entering into force on January 2018.
- EU Regulatory Landscape High level overview of ongoing and expected EU initiatives in 2018 on capital markets.
- Corporate governance LuxSE's ten principles that aim at ensuring the highest market standards through transparency, business ethics and controls.
- Regulatory Mapping Informative document describing issuers’ main disclosure obligations applicable under Union law.
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Gateway to China
- Gateway to China overview Your access point to data and information on Chinese domestic bonds
- Bonds listed and traded on Chinese exchanges Your access point to data and information on Chinese domestic bonds listed and traded on Chinese exchanges
- Bonds traded on CIBM Your access point to data and information on Chinese domestic bonds traded on China Interbank Bond Market (CIBM)
- Chinese domestic index series Your access point to data and information on Chinese domestic index series
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LGX - Green exchange
- LGX - Green exchange overview Find out more about the leading platform for displaying green securities
- How to join LGX An easy process to join the Luxembourg Green Exchange
- LGX international securities Many different sustainable financial instruments are displayed on LGX, including bonds and funds
- Chinese domestic green securities Your access point to data and information on Chinese domestic green securities listed and traded on SSE or traded on CIBM
- Sustainability standards and labels Find out more about standards, frameworks, taxonomies and labels included in the LGX eligibility criteria
- LuxSE Guide to ESG Reporting Learn how to meet investor demand for ESG information
Market Makers and Liquidity Providers
Market makers and liquidity providers
Market makers
Investment firms engaged in algorithmic trading and pursuing market making strategies on any LuxSE tradable instrument are required to enter into a Market Making Agreement with LuxSE by submitting a filled in Registration Form (see Documents section below).
If there is a liquid market for equities and ETFs, LuxSE offers Market Making Schemes.
As a reminder, Market makers (whether under a scheme or only under an agreement) will be required, amongst other things, to post firm, simultaneous two-way quotes of comparable size and competitive prices, and deal on their own account during at least half of the daily trading hours over a single calendar month period.
Registration process
All our members acting as Market makers must complete the Registration Form thus confirming their understanding and acceptance of the General Terms and Conditions that apply to all instruments admitted to trading. All documents are available below.
Upon entering into the Market Making Agreement through the completion of the Registration Form, members are eligible to apply for a Market Making Scheme for each specific product individually, except where indicated otherwise.
For further details, please contact the Market and Surveillance (M&S) Department.
Schemes
We have implemented a range of Market Making Schemes to comply with the MiFID II framework:
Market makers under the different Market Making Schemes or under the Agreement will be required to flag all relevant orders and quotes on the LuxSE Order Entry systems as follows:
- Account code 6 on LuxSE Cash Markets, combined with Algorithm flagged for the MiFID II field "ExecutionWithinFirmShortCode".
Stressed market conditions
In a situation of Stressed Markets Conditions (SMC), the obligation of the participant to provide liquidity on a regular and predictable basis under the Market Making Schemes, will be amended to double the spread requirements and half the size of obligations.
During SMC, market makers presence will continue to be monitored.
SMC are considered to arise, in relation to a financial instrument that is subject to a contractual Market Making Scheme with LuxSE and that is declared to be ‘liquid security’ by ESMA, in the following situations:
- When a trading halt is triggered during continuous trading: the 10 minute period following the resumption of trading will be considered as SMC.
- Other events where LuxSE (M&S Department) anticipates there will be significant short-term changes in price or volume. In such cases, members who participate in a Market Making Scheme will be notified.
We will inform market participants of SMC market status via email.
Exceptional market circumstances
Exceptional Market Circumstances (EMC)
| Extreme volatility | Happens when volatility halt is triggered for 50% of financial instruments traded on a segment in relation to which the obligation to sign a Market Making Agreement applies. It is manually triggered by the M&S Department in case of such an event. Duration: 60 minutes. |
| War, industrial action, civil unrest, cyber sabotage | The M&S Department triggers a management decision. |
| Disorderly trading conditions | Apply if half or more of the most active trading members (based on the number of trades) lose their connectivity. the M&S Deparment triggers a management decision. |
| Technological and risk management issues, or inability to hedge positions due to short selling ban | If a member immediately informs LuxSE about technical problems impeding him from processing Market Making activities, and these problems are justified, we may suspend the Market Making obligations. |
Under EMC, there will be no quoting obligations and the performance monitoring will be suspended.
Liquidity providers
In addition to the MiFID II Market Making framework, we will maintain Liquidity Provider Provisions on some specific instruments to accommodate product and participant requirements. These Liquidity Providers Provisions are not subject to the MiFID II framework.
All liquidity providers under the different Liquidity Provider Provisions will be required to flag all relevant orders and quotes on the LuxSE systems as follows:
- Account code 6 on LuxSE Markets.
Registration process
All LuxSE members acting as Liquidity Providers must complete the Registration Form thus confirming their understanding and acceptance of the General Terms and Conditions that apply to all LuxSE instruments. All documents are available below.
For further details, please contact the Market & Surveillance (M&S) Department.
Disclaimer
The information contained herein is provided for information purposes only. Although the Luxembourg Stock Exchange (LuxSE) has made reasonable efforts to ensure that the information is accurate and not misleading, LuxSE does not accept any responsibility or liability of any kind whether for the accuracy, reliability or completeness of the information or for any action refrained or taken or results obtained from the use of the information. The information does not constitute and is not construed as any advice, recommendation, undertaking or commitment from or on behalf of LuxSE. The information shall not be substitute for your own researches, investigations, verifications or consultation for professional or legal advice.
Market Makers
Liquidity Providers
LuxSE Group
The LuxSE Group is composed of the Luxembourg Stock Exchange (LuxSE) the leading listing venue for international securities and Fundsquare, its wholly-owned subsidiary specialized in delivering to the fund industry an efficient and standardized infrastructure for the exchange of information.
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