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Bourse de Luxembourg

Name Bourse de Luxembourg (Luxembourg Stock Exchange)
Country Luxembourg
Number of listed companies 168
Domestic market capitalization 68639 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

  • All LuxSE CSR related information and news, including latest sustainability report, can be found here.
ESG reporting required as a listing rule Yes

Has written guidance on ESG reporting Yes

  • In line with its objective to promote transparent capital markets, LuxSE has published in 2019 a set of comprehensive guidelines for reporting on ESG aspects. LuxSE’s Guide to ESG Reporting addresses the specific scope and needs of its three main stakeholders: companies, issuers of sustainable debt instruments, and asset managers active in sustainable and responsible investment funds.

Offers ESG related training Yes

  • In 2020, LuxSE established the LGX Academy to strengthen sustainable finance education in Luxembourg and beyond. Through the LGX Academy, LuxSE’s team of sustainable finance experts provides certified courses for participants of all levels on the foundations of sustainable finance, products & standards as well as applicable regulations and current market practice. More here.

Market covered by sustainability-related index Yes

  • Lux RI Fund Index measures the overall performance of a basket of responsible investing funds in Luxembourg.

Has sustainability bond listing segment Yes

  • LuxSE is one of the world’s leading listing venue for sustainable securities. It’s focus on sustainable finance dates back to 2007 when the European Investment Bank issued the world’s first green bond, which was listed on the LuxSE. The World Bank followed suit the following year.
  • In 2016, LuxSE established the Luxembourg Green Exchange (LGX), a platform entirely dedicated to sustainable securities. LGX has a leading market share of listed green bonds worldwide, and now counts over 750 listed green, social, and sustainability bonds.

Has SME listing platform Yes

Additional information

In 2020, LuxSE established the LGX DataHub. The LGX DataHub is a unique and centralized database of structured sustainability data on a wide range of green, social and sustainability bonds. In a nutshell, the LGX DataHub turns unstructured data into structured data and offers a high level of granularity on both pre-issuance and post-issuance information. In this way, it helps asset managers and investors access the data they need to build sustainable investment portfolios, report on their investments and stay compliant with applicable regulations and standards. More here.

Organizational model of stock exchange
  • Private company for profit.

Regulatory bodies

Regulatory model
Limited Exchange Self-Regulatory Organization (SRO) Model

  • Due to the involvement of the CSSF and the European Commission, the Luxembourg Stock Exchange wields relatively little regulatory power. The exchange has the power to set rules for the companies listed on its exchange, but ultimate authority falls upon the CSSF and general laws come from the European Commission.

About the stock exchange
Location: Luxembourg

  • Our identity: Since our founding in 1928, we have developed extensive experience in the field of listing and trading of globally issued securities. Our focus has always been international and this has allowed us to become the leader in international listings. We are the largest stock exchange in terms of international bond listings. We are also a leading exchange for other types of international issues, such as global depositary receipts. A largely local shareholding structure allows us to remain independent in our decisions. A final advantage is our subsidiary Fundsquare, which specialises in information services for investment funds. (Source).

Stock Exchange Database Criteria

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered

Conducts business in Country or Market in which the stock exchange operates
Number of listed companies (Date updated) Updated either by the stock exchange directly or using WFE data
Domestic market capitalization  Updated either by the stock exchange directly or using WFE data
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include: 

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.