Luxembourg Stock Exchange

The Luxembourg Stock Exchange, commonly abbreviated as LuxSE and known in French as Bourse de Luxembourg, is a securities exchange headquartered in Luxembourg City. It serves Luxembourg's domestic capital market while operating with a strongly international orientation, particularly in the listing and admission of debt securities issued by sovereigns, supranational institutions, financial institutions and corporations. Its business is therefore more closely associated with international securities distribution, listing and market infrastructure than with a large domestic equities market. The legal foundation for a Luxembourg stock exchange was created by legislation adopted on 30 January 1927. The exchange company, Société Anonyme de la Bourse de Luxembourg, was incorporated on 5 April 1928 with an initial issue of 7,000 shares valued at 1,000 francs each. Over time, Luxembourg developed into a major European venue for cross-border securities. The exchange's international profile was strengthened in 1963 when it listed bonds issued for the Italian motorway operator Autostrade. This issue is widely associated with the emergence of the Eurobond market and made LuxSE the first exchange to list a Eurobond, meaning an international bond denominated in a currency different from that of the country where it was issued. Debt securities remain the exchange's central area of specialization. Luxembourg has listed securities from numerous jurisdictions and is used by sovereign issuers as well as supranational bodies including the European Investment Bank, the European Bank for Reconstruction and Development, the European Commission and the World Bank. The exchange has been described as a leading European venue for international bond listings and as a location for a substantial share of Europe's cross-border securities. It also operates an equities market, including the LuxX Index, a free-float market-capitalization-weighted index of nine companies. The index was established at a base level of 1,000 on 4 January 1999, following Luxembourg's adoption of the euro. LuxSE has also pursued cooperation with other exchanges and market operators. In November 2000, it signed a cooperation agreement with Euronext under which trading in Luxembourg could use Euronext's Universal Trading Platform and Euronext members could activate cross-membership arrangements. In 2020, LuxSE signed a memorandum of understanding with Chongwa (Macau) Financial Assets Exchange Co., Ltd. covering cooperation in areas including two-way bond listings, assets, investment funds and the renminbi bond market. In 2023, it joined 13 other exchanges in forming EuroCTP, a joint venture intended to support a consolidated tape for the European Union in the context of the European Capital Markets Union. Sustainable finance has become another defining part of the exchange's positioning. LuxSE listed a climate-awareness bond issued by the European Investment Bank in 2007, described as the world's first green bond listing. In September 2016, it introduced the Luxembourg Green Exchange, or LGX, a dedicated platform for green financial instruments. LGX requires participating securities to be clearly identified as green, to commit the proceeds exclusively to eligible green projects, and to provide independent external review and subsequent reporting. Through this model, LuxSE positioned itself not only as a listing venue but also as a provider of disclosure and market-segmentation infrastructure for sustainable debt. The exchange moved to the Aurora building in March 2014. Its stated market structure includes exchange members, trading members and approved market makers, while its operating calendar provides weekday pre-opening and regular trading sessions subject to exchange holidays. The institution is led by a board chaired by Alain Kinsch and a chief executive officer, Julie Becker, according to the cited reference material.

Luxembourg's stock-exchange framework began with legislation enacted on 30 January 1927. The exchange company, Société Anonyme de la Bourse de Luxembourg, was incorporated on 5 April 1928 with 7,000 shares, each carrying a nominal value of 1,000 francs. The institution subsequently developed within Luxembourg's wider emergence as an international financial centre. A decisive stage came in 1963, when the exchange listed bonds issued for the Italian motorway operator Autostrade. The transaction is associated with the first Eurobond listing: an international bond denominated in a currency other than that of the country where it was issued. This helped establish LuxSE's long-term identity as a venue for international debt rather than as an exchange focused primarily on domestic equities. The exchange's international links expanded in November 2000 through a cooperation agreement with Euronext. Under the arrangement, Luxembourg trading could be generated through Euronext's Universal Trading Platform, while existing Euronext members could use cross-membership arrangements to access LuxSE. The exchange continued to maintain a specialized role in bond admissions, serving issuers from numerous countries and supranational organizations. LuxSE also became an early participant in the development of sustainable debt markets. In 2007, it listed a climate-awareness bond issued by the European Investment Bank, described in the cited reference as the first green bond listed by a stock exchange. In September 2016, it created the Luxembourg Green Exchange, a platform intended to identify securities whose proceeds are fully allocated to green investments. LGX's requirements include an explicit green designation, disclosure that all proceeds will finance or refinance eligible green projects, independent external review and post-issuance reporting. The institution moved to the Aurora building in March 2014. It continued to operate an equities market, including the LuxX Index, while retaining its stronger international reputation in debt securities. The LuxX was fixed at 1,000 on 4 January 1999, the first trading day after Luxembourg adopted the euro, and is described as a free-float market-capitalization-weighted index of nine companies. International cooperation remained part of LuxSE's strategy in the 2020s. In January 2020, it signed a memorandum of understanding with Chongwa (Macau) Financial Assets Exchange Co., Ltd. on cooperation involving bond listings, assets, investment funds and the renminbi bond market. On 23 August 2023, LuxSE joined 13 other exchanges in establishing EuroCTP, a joint venture intended to support a consolidated tape for the European Union. These initiatives reflect the exchange's continuing emphasis on cross-border market access, securities information and capital-markets infrastructure.

• 2023

  EuroCTP joint venture formed

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE joined 13 other exchanges in forming EuroCTP to pursue a European Union consolidated tape.

• 2020

  Macau cooperation memorandum

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE and Chongwa (Macau) Financial Assets Exchange signed a memorandum covering cooperation in cross-border listings and related markets.

• 2016

  Luxembourg Green Exchange launched

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE introduced LGX as a dedicated platform for green financial instruments.

• 2014

  Move to Aurora headquarters

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  The exchange moved to the Aurora building in March 2014.

• 2007

  Early green-bond listing

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE listed a climate-awareness bond issued by the European Investment Bank.

• 2000

  Cooperation agreement with Euronext

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE and Euronext agreed to cooperate through Euronext's Universal Trading Platform and cross-membership arrangements.

• 1999

  LuxX Index established

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  The LuxX Index was set at a base value of 1,000 on 4 January 1999.

• 1963

  First Eurobond listing

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  LuxSE listed bonds issued for Autostrade, an event associated with the first Eurobond listing on an exchange.

• 1928

  Exchange company incorporated

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  Société Anonyme de la Bourse de Luxembourg was incorporated on 5 April 1928.

• 1927

  Stock-exchange law enacted

  [1]Luxembourg Stock Exchangeen.wikipedia.org

  Luxembourg adopted legislation establishing the legal basis for a national stock exchange on 30 January 1927.

An internationally oriented European exchange specializing in cross-border debt securities and sustainable-finance market infrastructure.

• Debt-market listing

  International bond listings

  LuxSE's core offering is the admission and listing of international debt securities. Its issuer base includes sovereigns, corporations, financial institutions and supranational organizations. The exchange's international orientation reflects Luxembourg's role as a cross-border financial centre and its long association with Eurobond markets.

• Sustainable-finance platform · 2016

  Luxembourg Green Exchange

  Launched in 2016, LGX is a dedicated platform for green financial instruments. Eligible issuers must identify the security as green, explain how proceeds will be used exclusively for eligible green projects, obtain independent external review and commit to reporting after issuance.

• Equity index · 1999

  LuxX Index

  The LuxX is Luxembourg's principal company-share index. It is described as a free-float market-capitalization-weighted index covering nine companies and was established at a base value of 1,000 on 4 January 1999.

• Equity-market service

  Equity listings and trading

  In addition to its debt-market specialization, LuxSE operates an equities market for company shares and supports trading through exchange members and approved market makers.

• Fund and securities listing

  Investment-fund and related listings

  The exchange's international market infrastructure includes listings and registration-related services associated with investment funds and other cross-border securities. The cited material identifies fund-related cooperation as part of LuxSE's international-market activity.

• 2016Luxembourg Green Exchange

  Global sustainable-finance market

  LuxSE established LGX to organize and promote securities whose proceeds are dedicated to green investments and whose issuers provide defined review and reporting disclosures.

  Outcome. The initiative strengthened LuxSE's positioning as a sustainable-finance listing venue.

  Source
• 2015Euro MTF tenth-anniversary program

  Europe

  The exchange marked the tenth anniversary of its Euro MTF Market, highlighting the market's role within its broader listing offering.

  Source

• 2023

  Join the EuroCTP joint ventureM&A

  Background

  European capital-markets policy was considering a consolidated tape to improve access to market data across the European Union.

  Action taken

  LuxSE formed EuroCTP with 13 other exchanges to pursue a consolidated tape for European Union markets.

  Source

• 2020

  Expand cooperation with the Macau financial marketStrategy

  Background

  LuxSE pursued links supporting cross-border issuance, investment funds and the international renminbi bond market.

  Action taken

  It signed a memorandum of understanding with Chongwa (Macau) Financial Assets Exchange covering two-way bond listings and related cooperation.

  Source

• 2016

  Create a dedicated green-instrument platformProduct launch

  Background

  LuxSE had already listed a climate-awareness bond and was operating in a market where investors increasingly needed clearer identification and disclosure for green securities.

  Action taken

  The exchange launched the Luxembourg Green Exchange and established eligibility expectations covering green designation, exclusive use of proceeds, external review and post-issuance reporting.

  Aftermath

  LGX became a central element of LuxSE's sustainable-finance positioning.

  Source

• 2000

  Cooperate with Euronext on trading accessStrategy

  Background

  The exchange sought stronger connectivity with the wider European trading network.

  Action taken

  LuxSE signed a cooperation agreement with Euronext involving the Universal Trading Platform and cross-membership access for existing Euronext members.

  Source

• 2023

  LuxSE joins EuroCTP consolidated-tape venture[1]Luxembourg Stock Exchangeen.wikipedia.org

  M&A

  LuxSE joined 13 other exchanges in forming EuroCTP, a joint venture intended to provide a consolidated tape for European Union markets.

• 2020

  LuxSE and Chongwa Macau exchange sign cooperation memorandum[1]Luxembourg Stock Exchangeen.wikipedia.org

  Other

  The exchanges agreed to cooperate on cross-border bond listings, assets, investment funds and development of the renminbi bond market.

• 2016

  Luxembourg Stock Exchange launches Luxembourg Green Exchange[1]Luxembourg Stock Exchangeen.wikipedia.org

  Product launch · Campaign

  LuxSE introduced LGX as a dedicated platform for green financial instruments and securities meeting defined use-of-proceeds, review and reporting requirements.

• 2015

  LuxSE marks the tenth anniversary of its Euro MTF Market[1]Luxembourg Stock Exchangeen.wikipedia.org

  Other

  The exchange commemorated ten years of operation of its Euro MTF Market.

• 2014

  Luxembourg Stock Exchange moves to the Aurora building[1]Luxembourg Stock Exchangeen.wikipedia.org

  Other

  LuxSE relocated to its new headquarters, the Aurora building, designed according to green-construction principles.

1. 1Luxembourg Stock Exchangeen.wikipedia.org