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ARTICLE · 29 MARCH 2022

Capital Markets Comparative Guide – Section Two: Capital Markets Infrastructure

GSK Stockmann SA
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The Luxembourg Stock Exchange is authorised to operate in Luxembourg the business of trading venues – that is, regulated markets, multilateral trading facilities and organised trading facilities – pursuant to the MiFID II Law.

LuxembourgFinance and Banking
Chara Papagiannidi
Chara Papagiannidi

2.1 What is the capital markets infrastructure in your jurisdiction (eg, trading venues, central counterparties, central securities depositaries (CSDs)?

The Luxembourg Stock Exchange (LuxSE) is authorised to operate in Luxembourg the business of trading venues – that is, regulated markets, multilateral trading facilities (MTFs) and organised trading facilities (OTFs) – pursuant to the MiFID II Law. In particular, the LuxSE operates:

  • the main regulated market – an EU-regulated market named Bourse de Luxembourg (BdL); and
  • the exchange regulated market, called the Euro MTF market.

Currently, no OTF has been established in Luxembourg.

Post-trading activities are cleared via LCH.Clearnet SA, which acts as central counterparty within the meaning of the European Market Infrastructure Regulation (648/2012) (EMIR), and are settled through Euroclear Bank and Clearstream Banking SA. The settlement process is carried out by securities settlement systems (SSSs),

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