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FactBook 2013
FactBook 2013
FactBook 2013 1
Contents
Introduction 3
2012 Key events 4Changes to organisation and legal environment 4Developments concerning products and services 5Public and international relations in 2012 62012 market review 10
Organisation 12Board of directors 12Management 14Supervisory authority 14
Listing procedures 15
Market description 25Markets 25Trading mechanism 25Clearing and settlement 26Brokerage 26NYSE Euronext partnership 26Bond trading 27
Membership 28Stock Exchange members 30
Corporate governance 32The X principles of corporate governance of the Luxembourg Stock Exchange 32
Products and services 37Listing and trading services 37Membership services 37Information products and Finesti 38Stops on securities 41
International co-operation 42
Publications 43
2013 Exchange holidays 45
History 46
Laws and regulations 49
Euro history and provisions 57
Statistics 61
FactBook 2013 3
Introduction
2012 was an important year of transition at the Luxembourg Stock Exchange, with concrete steps being taken on key projects.
We dedicated significant resources to the creation of a market infrastructure for European investment funds. When it is operational later this year, this infrastructure will provide services to substantially support, facilitate and standardise cross-border distribution of funds.
The fund market infrastructure is part of the global mission of the Luxembourg Stock Exchange to provide financial market professionals with tools for processing buy and sell transactions and for processing data and documents. It is also a part of our long-term diversification strategy.
In economic terms, 2012 was a difficult year that was marked by the sovereign debt crisis in Europe. The overall number of listings at the Luxembourg Stock Exchange declined, although we continued to attract new issuers from around the world. The confidence shown by capital market participants in our listing services demonstrates our high level of efficiency and quality.
The Luxembourg Stock Exchange closely followed regulatory changes that affect exchanges and the capital markets, particularly those in Europe. We will continue to monitor developments and to ensure that our voice is heard.
For the future, the Luxembourg Stock Exchange will continue to develop new activities. We will also grow the core business of international listings and it is therefore important that we continue to promote the “Listed in Luxembourg” brand in all geographies and markets. We are committed to doing both and are confident for the future.
This will be the last FactBook that will be published, all information contained herein being updated via our website. I would like to thank our readers for their loyalty throughout the years.
Robert Scharfe CEO
Luxembourg, May 6, 2013
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The Luxembourg Stock Exchange specialises in the listing of international securities and offers the full range of listing and trading services to the international capital markets and their issuers.
It operates two markets: an EU-regulated market, named Bourse de Luxembourg market, and an exchange-regulated market, named Euro MTF market, a Multilateral Trading Facility, launched in July 2005. The same rules and regulations apply to both markets.
The types of securities that the Luxembourg Stock Exchange lists and admits to trading are shares, including depositary receipts, bonds, warrants and investment funds. Bonds are the largest segment.
During 2012, the LuxSE maintained its position as the leading exchange for the listing of international bonds, although overall numbers of quotation lines declined by 5.2%, due to lower activity in international capital markets.
At the end of 2012, there were a total of 42,061 quotation lines from 3,081 issuers in 104 countries.
Changes to organisation and legal environment
Transposition of the prospectus directive
The law of July 3, 2012 transposed into Luxembourg law the European directive (2010/73/EC) on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market.
It amended the Luxembourg law of July 10, 2005 on prospectuses, as well as the law on transparency requirements of January 11, 2008 in relation to information about issuers whose securities are admitted to trading on a regulated market.
Short selling regulation
The short selling regulation (EU n°236/2012) entered into force on November 1, 2012.
This concerns the disclosure and notification to the Luxembourg supervisor, the CSSF, of certain net short positions and prohibition of naked short selling for certain types of financial instruments, notably credit default swaps on sovereign debt.
MiFID 2 and MiFIR
Throughout 2012, the Luxembourg Stock Exchange participated in work at national and European level on financial sector and capital markets regulation, particularly relating to the revision of the Markets in Financial Instruments Directive (MiFID 2) and its accompanying regulation, MiFIR.
2012 Key events
2012 Key events
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The scope of these covers issues related to investment firms and to the organisation and the functioning of markets in financial instruments. They will have a significant impact on the activities of exchanges in Europe.
Other regulations
The Luxembourg Stock exchange followed closely the passage of various initiatives at EU level.
These included the proposals to modify the existing directives for transparency obligations and market abuse, the proposed regulation for Packaged Retail Investment Products, the European Market Infrastructure Regulation (EMIR) and the EMIR delegated regulations, the T2S initiative and the proposal for CSD regulation.
New vice-chairman of the board of directors
Following the annual general meeting of the Luxembourg Stock Exchange held on 18 April 2012, the board of directors elected Jean-Claude Finck, chairman of the executive committee of Banque et Caisse d’Epargne de l’Etat, as its vice-chairman.
New chief executive officer
Following the annual general meeting of the Luxembourg Stock Exchange held on 18 April 2012, the board of directors appointed Robert Scharfe as CEO.
In addition, Robert Scharfe was appointed as CEO of Finesti, the LuxSE’s wholly-owned subsidiary on 17 April 2012.
Mr. Scharfe served on the management board of BGL BNP Paribas before joining the executive committee of the Luxembourg Stock Exchange on 1 March 2012.
Developments concerning products and services
Work on the creation of a fund market infrastructure
During 2012, the Luxembourg Stock Exchange devoted significant resources to work on the creation of a market infrastructure for European investment funds, its flagship project.
The fund market infrastructure is the culmination of a series of strategic reflections that were conducted by the Luxembourg Stock Exchange and Finesti in collaboration with major players in the fund industry in Luxembourg. It was resolved that the Luxembourg Stock Exchange can contribute effectively to the development of the fund industry.
To be run as a market utility, this infrastructure will provide services to substantially support, facilitate and standardise cross-border distribution of funds. Its main objective is to facilitate the relationships between investors and funds, the initial scope of services focussing on operation flows and information exchanges.
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This project is an effective response to the expectations of the industry, including banks, distributors, asset managers and transfer agents, while at the same time enhancing its significant investments in Finesti over a period of more than ten years.
It is expected to be operational in the summer of 2013.
Continuous trading segment for funds
On July 2, 2012, the Luxembourg Stock Exchange launched a continuous trading segment for funds. This segment was created with the cooperation of KBL European Private Bankers and Schnigge Wertpapierbank AG, who act as liquidity providers.
Finesti and e-file.lu
Finesti continued its strategy of launching and offering new products and services. In 2012, the company focused on services enabling industry professionals to meet particular requirements arising from the implementation of the UCITS IV Directive.
It carried out a number of upgrades of a module of its e-file.lu platform called e-file light, used for cross-border notifications of investment funds. E-file.lu is a communication platform for the transmission of data, documents and regulatory and statistical reports between financial institutions and the Luxembourg authorities. It is a run jointly by the Luxembourg Stock Exchange and Finesti.
During the year, the data and documents in the Finesti database increased significantly, particularly the numbers of Key Investor Information Documents, or KIIDs, which were introduced by the directive.
The number of investment funds in its database also increased from 39,600 share classes at the end of 2011 to 55,500. The increased coverage was as a result of increasing numbers of non-Luxembourg funds seeking to be included in the Finesti database.
Relaunch of website
On October 22, 2012, the Luxembourg Stock Exchange relaunched its website. This was part of its general rebranding strategy, which began in 2011 with the launch of the new corporate identity.
Universal Listing Information System
Work was carried out on the Universal Listing Information System (ULIS) project. This is a complete overhaul and reorganization of the management of third parties, documents and instruments relating to the internal operations of the Luxembourg Stock Exchange and Finesti.
Public and international relations in 2012
The Luxembourg Stock Exchange encourages the continued development and promotion of Luxembourg as an international financial centre.
2012 Key events
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Representatives of the LuxSE are members of numerous committees, including the consultative committee for prudential regulation (COREPU), the Luxembourg financial market observation committee (COBMA), the committee of the securities market, the UCITS committee, the committee for the development of the Luxembourg financial centre (CODEPLAFI) and the Luxembourg financial industry federation (PROFIL).
It is represented in industry associations in Luxembourg, including on the boards of ABBL, ALFI and the IFBL, respectively the Luxembourg Bankers’ Association, the Association of the Luxembourg Fund Industry and the Luxembourg Bank Training Institute. It is also a member of XBRL Luxembourg.
The LuxSE participates in economic missions and conducts internationally-oriented activities, in relation to the role which it plays on behalf of its member firms and issuers of international securities.
It welcomes official delegations and groups of visitors showing interest in stock exchange activities and encourages the broader financial community in Luxembourg to make use for its centrally-located facilities for their conferences and events.
It also welcomes visits that are part of training seminars organised by the Financial Technology Transfer Agency (Agence de Transfert de Technologie Financière, ATTF) of Luxembourg.
In addition, representatives of the Luxembourg Stock Exchange takepart in the meetings and reflections of both the Federation of European Securities Exchanges and the World Federation of Exchanges. It is also a member of ICMA, the International Capital Market Association, of ICMSA, the International Capital Market Services Association, of AFME/ESF, the European Securitisation Forum of the Association for Financial Markets in Europe.
By these positions and actions, the LuxSE ensures that it is adequately represented so as to air its views in the forums and bodies dealing specifically with all the draft directives and regulations impacting its key activities.
During 2012, the Luxembourg Stock Exchange continued with its programme of meetings with representatives of the country’s governmental and political authorities.
January 13, 2012 Visit of a delegation from the United Arab Emirates
Representatives of the LuxSE met with a delegation from the Securities and Commodities Authority of Abu Dhabi on January 13, 2012.
January 20, 2012 Meeting with the Minister of Labour, Employment and Immigration
On January 20, 2012, the board of directors of the Luxembourg StockExchange met with Nicolas Schmit, Minister of Labour, Employment and Immigration. This was in the tradition of its start-of-year meetings with a government official, with the aim of exchange and dialogue.
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In addition, the board of directors of the Luxembourg Stock Exchange also invited to this lunch meeting Vitor Caldeira, President of the European Court of Auditors, who was the guest speaker at the 2011 Stock Exchange Day.
January 29 - 31, 2012 Financial mission to Doha and Dubai
The LuxSE took part in a financial mission in Doha and Dubai from 29 to 31 January 2012. The theme of the mission was “A Partnership for Financial Services” and was led by Luc Frieden, Minister of Finance.
February 22, 2012 Chinese delegation visits Luxembourg Stock Exchange
The Luxembourg Stock Exchange received a delegation from the Chinese city of Shenhzen, on 22 February 2012. The delegation was made up of bankers, management consultants and financial researchers, and was led by Guo Wanda, executive vice-president of the China Development Institute.
March 19, 2012 Annual Stock Exchange Day
The annual Stock Exchange Day took place on March 19, 2012. The speaker for this year’s edition was Klaus Regling, CEO of the European Financial Stability Facility (EFSF).
The topic of Mr Regling’s speech was “Lessons from the crisis – Europe’s return to stability and growth”.
March 27, 2012 Lipper European Fund Awards
The Luxembourg edition of the Lipper Fund Awards was held on March 27, 2012. As for previous years, this event was sponsored by the Luxembourg Stock Exchange and its wholly-owned subsidiary Finesti.
April 23 - 25, 2012 State visit to Germany
The Luxembourg Stock Exchange took part in the state visit of Luxembourg to Germany. This took place in Berlin and Hannover between April 23 and 25, 2012.
May 9, 2012 Visit of a Vietnamese delegation
Representatives of the LuxSE met with a delegation from Vietnam on May 9, 2012. This delegation was composed of representatives from the state securities commission, the state bank and ministries.
May 18, 2012 Conference on market risk
The LuxSE co-sponsored a conference held entitled “Market Risk & the Impact of Financial Volatility”. This conference, which was held on May 18, 2012, took place in Luxembourg.
2012 Key events
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May 23 - 25, 2012 AGM and conference of the International Capital Market Association
The Luxembourg Stock Exchange attended the conference attached to the annual general meeting of the International Capital Market Association (ICMA) from May 23 to May 25, 2012 in Milan.
July 27, 2012 Visit from the State Treasury
The Luxembourg Stock Exchange welcomed a delegation from the Luxembourg State Treasury on July 27, 2012.
September 27 - 30, 2012 Depositary Receipt Issuers Conference
Representatives of the LuxSE attended the seventh annual Depositary Receipt Issuers Conference (DRIC) in Agra, India, held between October 14 and 18, 2012.
October 14 -18, 2012 General assembly and general meeting of the World Federation of Exchanges
Representatives of the LuxSE attended the fifty-second general assembly and annual meeting of the World Federation of Exchanges, held in Taipei between October 14 and 18, 2012.
October 29 - November 1, 2012 SIBOS conference
The Luxembourg Stock Exchange attended the annual SIBOS conference, which took place in Osaka from October 29 to November 1, 2012. Robert Scharfe, CEO of the LuxSE, was a speaker during the conference.
November 21, 2012 Belgrade Stock Exchange International Conference
Robert Scharfe, LuxSE CEO, spoke at the eleventh annual Belgrade Stock Exchange International Conference on November 21, 2012.
The Luxembourg Stock Exchange has provided technical assistance to the Belgrade Stock Exchange in the context of a memorandum of cooperation between Serbia and Luxembourg.
November 26, 2012 Conference on financial regulation
The Luxembourg Stock Exchange in association with PwC and Clearstream hosted a conference in Luxembourg entitled “EMIR, T2S, Listing & Issuance: What’s the future for Luxembourg?" on November 26, 2012.
November 27, 2012 Conference on corporate governance
The Luxembourg Directors Institute (ILA, Institut Luxembourgeois des Administrateurs) held a conference entitled “Strengthening Corporate Governance: A necessary revision of the 10 Principles of Corporate Governance”. A representative of the LuxSE was a speaker at this event.
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ILA and the Luxembourg Stock Exchange work together to advance and maintain the standards of corporate governance in Luxembourg.
Other participation in conferences and seminars during 2012
Officials of the Luxembourg Stock Exchange were also active at a variety of other national and international conferences during the year.
In Luxembourg, these included:– A visit to Luxembourg of representatives from Casablanca Finance City– A workshop entitled “Business Ethics: Understanding – implementing –
and Monitoring”– A breakfast briefing of the Luxembourg Directors Institute on the impact
of new technologies on the boardroom.
Other events abroad included the following:– In Milan, a roadshow organised by Luxembourg For Finance;– In Frankfurt, a conference on prospectus laws;– In Kuala Lumpur, the “Islamic Finance News Asia Forum”;– In Brussels, a conference on MiFID 2 and MiFIR;– In London, a conference on prospectus laws.
Other visits to the Exchange during 2012
During 2011, the Luxembourg Stock Exchange welcomed a number of visitors from educational institutions in Luxembourg, Belgium, France and Germany, as well as from other associations. Further afield there were visits of students from Italy and the USA.
2012 market review
The year was marked by difficult economic conditions in general.
The overall number of listings declined but the LuxSE maintained its leading position in international bond listings.
Increase in trading volumes
At year-end, the total trading volume stood at an amount of EUR 451.73 million, representing an increase of 72% compared to 2011.
Bond trading accounted for three quarters of the total volume and 31% of the total number of transactions. Around 1,300 securities were in the bond continuous trading segment.
A continuous trading segment for investment funds was added during the year and at the end of 2012 trading volumes for investment funds increased by 37%.
Reduction in total listings
At the end of 2012, the overall number of quotation lines on the Luxembourg Stock Exchange was 42,061, down by 5.2% compared to the previous year. This decline was mainly due to lower activity in international capital markets. Bond issues reaching maturity and warrants that expired were delisted and not fully replaced by new listings.
2012 Key events
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Despite this, the Luxembourg Stock Exchange maintained its leading position for the listing of international securities. It also continued to attract new issuers to its markets. During the year, 194 companies and institutions from thirty countries were new issuers on the Luxembourg Stock Exchange.
In total for the year, there were 8,121 new listings and 10,431 delistings. On the two markets operated by the Luxembourg Stock Exchange, 6,954 securities were admitted to the Bourse de Luxembourg regulated market and 1,167 were admitted to the Euro MTF market. In terms of types of instruments, new listings were composed of 5,274 bonds, 640 investment funds, 16 shares and depositary receipts and 2,191 warrants. At the end of the year, two-thirds of the total quotation lines on the Luxembourg Stock Exchange were for bonds, while warrants, investment funds and shares accounted for 18%, 15% and 1% respectively.
Noteworthy listings in 2012
Listings of interest in 2012 included the following:– The first bonds of the European Union issued through the European
Stability Mechanism (ESM) with an inaugural issue of EUR 30.5 billion;– Four new bond issues from the European Financial Stability Fund
(EFSF);– A bond programme from the European Sovereign Bond Protection
Facility;– A bond from the Luxembourg State for an amount of EUR 1 billion;– Growth of new listings for corporate bonds denominated in renminbi,
or Dim Sum bonds, with twenty-five new quotation lines for a total issue amount of EUR 1.75 billion;
– A high yield bond issue from the Schaeffler Group, with a tranche aimed at retail investors;
– A project bond for the Peruvian company Terminales Portuarios Euroandinos Paita;
– An issue of Global depositary Shares for Chailease Holding of Taiwan;– Asset backed floating rate notes from Volkswagen Leasing GmbH;– A bond program from A2A, the Italian utilities group;– An inaugural bond issue from Belgian petroleum agency Apetra;– The first international high-yield bonds for an Israeli company;– Three step-up bonds from BSA.
Positive year for the LuxXIn line with other European Exchanges, the LuxX closed the year with a positive performance. At year-end, it was at 1,248 points, an increase of 9.95% compared to the end of 2011.
The highest level was reached on 19 March 2012 at 1,276.28 points and the lowest on 1 June 2012 at 1,051.19 points.
At the beginning of 2013, the LuxX index was composed of the following companies: Aperam, ArcelorMittal, BIP Investment Partners, Foyer, KBC Group, Luxempart, Reinet Investments, RTL Group, SES, Socfinaf and Socfinasia.
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Board of directors
Messrs Frank Wagener, ChairmanLicencié en droit
Jean-Claude Finck, Vice-ChairmanPrésident du Comité de direction
Banque et Caisse d’Epargne de l’Etat, Luxembourg
Jean-François AbadieAdministrateur délégué
Credit Agricole Luxembourg S.A., Luxembourg
Pierre AhlbornAdministrateur délégué
Banque de Luxembourg S.A., Luxembourg
Michel BirelDirecteur général adjoint
Banque et Caisse d’Epargne de l’Etat, Luxembourg
Luc CaytanDirecteur fonction marchés, marchés monétaires et capitaux
KBL European Private Bankers S.A., Luxembourg
Pierre CiminoAdministrateur délégué
CACEIS Bank Luxembourg S.A., Luxembourg
Vincent DecalfAdministrateur délégué
CapitalatWork Foyer Group S.A., Luxembourg
Frédéric GenetAdministrateur délégué
Société Générale Bank & Trust S.A., Luxembourg (until April 30, 2013)
Ms Isabelle GoubinConseiller de direction 1ère classe
Ministry of Finance, Luxembourg
Organisation
Organisation
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Mr. Pierre GramegnaDirecteur
Chambre de Commerce, Luxembourg
Ms Sarah KhabirpourPremier conseiller de gouvernement
Ministry of Finance, Luxembourg
Messrs Eric MartinAdministrateur délégué, directeur général
BNP Paribas Luxembourg S.A., Luxembourg
François PaulyPrésident du Comité de direction
Banque Internationale à Luxembourg S.A.
Marc SaluzziPrésident
Association Luxembourgeoise des Fonds d’Investissement, Luxembourg
Claude SchonMembre du Comité de direction
Banque Internationale à Luxembourg S.A., Luxembourg
Luc VerbekenAdministrateur délégué
ING Luxembourg S.A., Luxembourg
Carlo WagnerDirecteur
Société Européenne de Banque S.A., Luxembourg
Honorary Chairmen
Messrs Raymond Kirsch († March 11, 2013)Administrateur
Steinsel
Remy KremerAdministrateur délégué honoraire
de la Banque Générale du Luxembourg S.A.
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Management
Executive Committee
Messrs Robert Scharfe, CEO Hubert Grignon Dumoulin, Member Dominique Valschaerts, Member
Bernard Simon, Advisor to the Executive Committee
Departments and functions
Messrs Robert Scharfe, CEOMarket and surveillance
Hubert Grignon Dumoulin, Member of the Executive CommitteeIssuers and market regulation
Carlo Oly, Vice-PresidentSecurities and issuers
Dominique Valschaerts, Member of the Executive CommitteeInvestment Fund Industry
Bernard Simon, Advisor to the Executive CommitteeInformation Technology
Maurice Bauer, Vice-PresidentLegal and compliance
Ms Nadine Pomes, Vice-PresidentFinance and budget
Messrs Carlo Mouschang, Vice-PresidentHuman resources
Antoine Wagner, Vice-PresidentMarketing & Communication
Supervisory authority
Commission de surveillance du secteur financier110, route d’Arlon
L-2991 Luxembourg
Tel. +352 26 25 1-1
www.cssf.lu
FactBook 2013 15
Listing procedures
Note: The provisions, explanations and fees indicated below are those currently applicable, i.e. at the date of publication of this Fact Book.
The regulatory frameworkThree distinct areas should be outlined for describing listing procedures. The first one is prior to the beginning of the listing and is linked to initial disclosure requirements to be made by the issuer before the listing.
The second one deals with the conditions for obtaining the authorization of listing from the Luxembourg Stock Exchange.
The third one covers the continuing obligations on issuers having listed securities on one of the markets operated by the Luxembourg Stock Exchange.
A) The regulatory framework for the documentation to be published prior a listing
One of the conditions for listing securities on the markets operated by the Luxembourg Stock Exchange is compliance with the provisions provided in the Law on prospectuses (the Prospectus Law) for securities of July 10, 2005, as amended by the Law of July 3, 2012.
Issuers applying for listing securities on our markets for the first time are encouraged to approach the Commission de Surveillance du Secteur Financier (CSSF) or the Luxembourg Stock Exchange at the earliest possible stage in order to verify the need, if any, of obtaining an approval on a prospectus.
The Prospectus Law provides for three different prospectus regimes:I) The first regime is contained in Part II of the Prospectus Law with
respect to offers to the public of securities and to admissions of securities to trading on a regulated market falling in the scope of application defined in Article 4 of the said Law (scope of application of Article 1(1) and (3) of the Prospectus Directive).
The CSSF ensures enforcement of the provisions of Part II of the Prospectus Law and is in charge of the approval of the corresponding prospectuses. Draft prospectuses should be submitted to the CSSF in accordance with CSSF circular 12/539. All relevant texts with appropriate links can be found on the website of the CSSF (www.cssf.lu) in the section “Issuers / Prospectuses”.
Initial contact should be made with the CSSF Supervision of Securities Markets Department ([email protected], telephone +352 26 25 12 32 or +352 26 25 13 76).
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II) The second regime is contained in Part III of the Prospectus Law with respect to offers to the public of securities and to admissions of securities to trading on a regulated market not falling in the scope of application defined in Article 4 of the said Law (scope of application of Article 1 (2) of the Prospectus Directive). However, Part III is divided in two chapters.
Chapter One deals with offers to the public of securities. The CSSF ensures enforcement of the provisions of Part III, chapter 1 of the Prospectus Law and is in charge of the approval of the corresponding simplified prospectuses. Draft simplified prospectuses should be submitted to the CSSF in accordance with CSSF circular 12/539 and prepared in accordance with CSSF circular 05/210 of October 10, 2005. All relevant texts with appropriate links can be found at the above-mentioned address.
Chapter Two refers to admissions of securities to trading on a regulated market. If the Luxembourg Stock Exchange operates such market, the Stock Exchange is the competent authority for approving prospectuses subject to the provisions of Part III chapter 2 of the Prospectus Law. Draft simplified prospectuses should be submitted to the Stock Exchange in case of listing securities falling in the scope of application of Article 1 (2) of the European Union Prospectus Directive and listed on the regulated market named “Bourse de Luxembourg”. The applicable requirements on the information requirements for drafting such documents are contained in Part 2 of the Rules and Regulations of the Luxembourg Stock Exchange. All relevant texts can be found and downloaded on the Internet site (www.bourse.lu).
III) The third regime is described in Part IV of the Prospectus Law with respect to admissions of securities to trading on a market which is not included in the list of regulated markets published by the European Commission. If the Luxembourg Stock Exchange operates such a market, the Stock Exchange is the competent authority for approving prospectuses subject to the provisions of Part III chapter 2 of the Prospectus Law. Draft simplified prospectuses should be submitted to the Stock Exchange in case of listing securities falling in the scope of application of Article 1 (2) of the Prospectus Directive and listed on the exchange-regulated market named “Euro MTF”. The applicable requirements on the information requirements for drafting such documents are contained in Part 2 and in the appendices to the Rules and Regulations of the Luxembourg Stock Exchange. All relevant texts can be found on and downloaded from the Internet site of the Stock Exchange. The Rules and Regulations give the Exchange some discretion and flexibility so that, in accordance with this text, part of the disclosure requirements contained in the appendices can be adapted to reflect an issuer’s need.
Prospectuses to be approved by the Luxembourg Stock Exchange may be submitted via email at [email protected]. Initial contact should be made with the Issuers Department (telephone Daniel Majek +352 47 79 36 221 for bonds and derivatives securities, or Alessandro Picco +352 47 79 36 261 for equity and investment funds).
Listing procedures
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B) The regulatory framework for admitting securities to the official list of the Luxembourg Stock Exchange and for admitting to trading these securities on the markets operated by the Stock Exchange
Compliance with the rules governing the conditions for listing of securities is monitored by the Luxembourg Stock Exchange, which is the competent authority for admitting securities on its official list and for admitting to trading these securities on its markets. This means that the Stock Exchange must ensure that dealings in securities admitted to trading on its markets are conducted in a proper and orderly manner, which requires minimum standards, derived from EU and national securities legislation, to be placed upon issuers seeking to have their securities listed. Articles 8 and 20 of the Luxembourg law of July 13, 2007 on markets in financial instruments and the Grand-ducal Regulation of July 13, 2007 relating to the keeping of an official list are the legal basic framework for a listing on the markets operated by the Stock Exchange.
An application for admission to trading securities on one of the markets operated by the Luxembourg Stock Exchange is simultaneously deemed to be an application for admission to stock exchange official listing. Therefore, the listing procedure with the Luxembourg Stock Exchange is a simple, fast and efficient process with a single authority and a single fee structure. In addition the listed securities mentioned on the official list of the Stock Exchange, are admitted to trading on one of the Luxembourg markets and can be effectively traded on exchange because of the opening of the order book for all securities listed on the Stock Exchange.
The applicable requirements for listing securities are contained in Part 1 of the Rules and Regulations of the Luxembourg Stock Exchange. This text is publicly available on its Internet site (www.bourse.lu). Therefore issuers need to comply with the Stock Exchange’s admission criteria. However, the Rules and Regulations give the Stock Exchange some discretion and flexibility so that, in limited and appropriate circumstances, part of the requirements contained in Part 1 can be adapted to reflect an issuer’s need.
The principal requirements are the existence of a minimum of years of trading record, the existence of audited financial statements prepared according to accepted accounting standards, the free transferability of the securities, the minimum size of the market capitalisation of the securities to be listed and that all the securities of the same class should be covered by the listing application.
For debt or derivative securities issuance programmes, the decision of listing is effective for one year and can be renewed annually in order to continue new listings.
Any party intending to apply for listing securities on one of the markets operated by the Luxembourg Stock Exchange has to inform the Stock Exchange thereof by submitting a written application supported by the documents listed in the relevant Articles of Chapter 4 of Part 1 of the Rules and Regulations. The applicant shall sign the application, which may be the issuer or the person who seeks such listing. Application forms for the main categories of securities are available on our Internet site with models of letters of undertaking.
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The application should indicate on which market the securities should be admitted to trading. Currently the Luxembourg Stock Exchange operates two markets. The first one is named “Bourse de Luxembourg” and is a regulated market according to EU and national legislation. The second one is the “Euro MTF” market and is a Multilateral Trading Facility according to EU and national legislation. The functioning of these markets is identical and the detailed applicable rules are contained in the Rules and Regulations of the Stock Exchange. Both markets offer the highest possible standards based on their own characteristics in order to meet most of the eligibility criteria imposed to investors or by securities regulators and central banks.
Application for listing may be submitted via email at [email protected].
Within the Luxembourg Stock Exchange, a specific department deals with the examination of the listing applications for all categories of securities. Initial contact should be made with the Issuers Department (telephone Daniel Majek +352 47 79 36 221 for bonds and derivatives securities, or Alessandro Picco +352 47 79 36 261 for equity and investment funds).
As a result listing approvals are granted on a daily basis, thereby substantially reducing the time required for processing applications and, meeting the requirement of the issuers, in an environment where time is a key decision factor.
C) The regulatory framework after the listing
After a listing, issuers are subject to continuing disclosure obligations on a periodical or ad hoc basis. Most of this information is of corporate nature. Notably, issuers have to publish in Luxembourg price-sensitive information on a timely basis in accordance with Luxembourg legislation, which imposes a general obligation on issuers whose securities are admitted to trading on the regulated market and on the Euro MTF market.
The detailed continuing obligations, including those in connection with the annual report (for all issuers) and half-yearly information (only for share issuers) are contained in the Luxembourg law of January 11, 2008 on the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and its related Grand-ducal Regulation of January 11, 2008. Article 14 of the Luxembourg law of 9 May 2006 is the legal requirement of publication of price sensitive information.
In addition to the drafting and preparation of documents containing regulated information, the Transparency Law requires issuers to file the regulated information with the CSSF, to provide that information to an officially appointed mechanism for the central storage of regulated information (OAM) and to publish regulated information, ensuring effective dissemination of such information to the public within the European Union.
Listing procedures
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The CSSF published on page 5 of its Circular 08/337 of February 6, 2008 an exhaustive and explicit list of regulated information* to be published.
The Grand-ducal Regulation dated July 3, 2008 relating to the official appointment of mechanisms for the central storage of regulated information conferred upon the Luxembourg Stock Exchange the status of officially appointed mechanism for the central storage of regulated information.
The CSSF circular 08/359 specifies the quality standards, which the Luxembourg Stock Exchange must implement, in order to perform its task as an officially appointed mechanism for the central storage of regulated information.
Issuers may subscribe to our OAM service using our Internet site and send queries via email at [email protected].
In order to help issuers to fulfil their publication obligation, the Luxembourg Stock Exchange offers a Financial News Service that gives them the possibility to publish their notices / press releases for announcement of regulated information on the Luxembourg Stock Exchange website www.bourse.lu and simultaneously to distribute them to other European Union financial media.
Issuers may find the subscription form to be completed on our Internet site in order to make use of the Financial News Service of the Luxembourg Stock Exchange. Such document and the announcement to be made public (in PDF format) have to be sent via email at [email protected].
The detailed continuing obligations for issuers of securities admitted to trading on the Euro MTF market are contained in Chapter 10, Part 1 of the Rules and Regulations of the Exchange.
In addition, issuers are subject to continuing obligations towards the Exchange, notably on filing information and corporate events with the Exchange, in order to enable an efficient monitoring of the functioning of its markets (see Chapter 9 in Part 1 of the Rules and Regulations).
Announcements to the public, press releases and notices to securities holders must be disseminated in accordance with Article 20 of the above-mentioned law and Article 13 of the above-mentioned Grand- ducal Regulation. In case of securities admitted to trading on the Euro MTF market, Article 1005 in Part 1 of the Rules and Regulations of the Exchange is applicable. Within the Luxembourg Stock Exchange, a specific team deals with the publication of such information on its Financial News Services (tel.: +352 47 79 36 202 and 244). Issuers may find the subscription form to be completed on our Internet site in order to make use of the news service of the Luxembourg Stock Exchange.
* Point 3 of CSSF circular 08/337
20 FactBook 2013
Prospectus approval, listing and maintenance fees*Prospectuses approved by the CSSF are subject to approval fees to be paid directly to this authority in accordance with the Grand-ducal Regulation of 29 September 2012 on fees levied by the CSSF, which can be found on its website (www.cssf.lu) in the section “Issuers / Prospectuses”.
The summary of the Luxembourg Stock Exchange fee structure covers only fees to be paid to the Stock Exchange. The fee structure is identical for the two markets operated by the Luxembourg Stock Exchange (Bourse de Luxembourg and Euro MTF). A prospectus approval fee has to be paid only if there is an approval to be granted by the Stock Exchange in compliance with the securities prospectus law of 10 July 2005. The listing fee is a one-off payment for approval of the admission to official stock exchange listing and to admission to trading of the securities on one of the markets operated by the Stock Exchange. The maintenance fee is an annual fee for being on the trading systems of the Stock Exchange with an open order book.
I. Fixed-income securities
The fee structure for fixed-income securities covers the following types of bond issues:
- straight bonds and convertible bonds,- bonds with warrants,- bonds exchangeable into other bonds and bonds originating from the
exchange,- multi-tranche issues,- debt securities programmes.
* The full fee schedule applicable to the securities listed on the Luxembourg Stock
Exchange is available on request.
Listing procedures
21FactBook 2013
First listing Subsequent listings
ordinary issuer
supranational issuer
ordinary issuer
supranational issuer
EUR EUR
Prospectus approval fee:
in general (stand alone and registration document)
1,500.- 1,375.- 625.- 560.-
particular cases of:
• bondswithwarrants 2,125.- 1,935.- 1,250.- 1,120.-
• securitiesnote 400.- 360.-
• debtsecuritiesprogrammes:
- for the basic prospectus 1,500.- 1,375.- 625.- 560.-
- for each prospectus supplement 400.- 360.-
- for each unitary prospectus 400.- 360.-
Listing fee:
in general (stand alone) 600.- 600.-
particular cases of:
• debtsecuritiesprogrammes:
- for the programme 1,200.- 600.-
- for each tranche 400.-
Maintenance fee (annual fee):
Issued amount lower than or equal to EUR or a similar amount in any other currency (in million) in general:
50 440.- 395.- 315.- 285.-
75 575.- 520.- 415.- 375.-
100 650.- 585.- 460.- 415.-
250 700.- 630.- 495.- 445.-
500 750.- 675.- 535.- 475.-
above 500 800.- 720.- 570.- 505.-
- for multi-tranche issues, the prospectus approval and listing fees are one-off fees to be paid for all the tranches,
the maintenance fees are charged for each tranche
- for bonds originating from the exchange the maintenance fee is charged depending on the maximum amount
which can be exchanged
- the listing fee of the programmes is payable on the day on which the admission of the programme is approved
by the Luxembourg Stock Exchange and the maintenance fee of the short-term issues (“Commercial Paper” type)
is calculated by a tranche of three months on the basis of the annual maintenance fee
- Frequent issuers of money-market instruments may opt for the payment of a lump sum, depending on the
number of tranches per year:
Number of tranches per year Lump sum*
20 EUR 10,000.-
100 EUR 40,000.-
500 EUR 160,000.-
Additional tranches (starting from 501st tranche) EUR 10,000.- for 40 tranches
* including annual approval and listing fees for the programme
- For programmes with different issuers, the prospectus approval, listing and maintenance fees are charged with
each issuer.
22 FactBook 2013
General:
The maximum term to be taken into account to calculate the maintenance fee is 20 years (perpetual bonds incl.).
Special maintenance fee schedules are applicable for multi-tranche issues with more than 10 tranches, for “stripped bonds” and for issues fungible with tranches already listed. They are available on request.
The exchange rates necessary to calculate the amount issued in EUR are available upon request.
Where an application for listing of fixed-income securities is not followed by a listing, administrative charges amounting to EUR 600.- will be charged.
II. Warrants
The fee structure for warrants covers the following types of issues:
- ordinary warrant issues,- warrants exchangeable into other warrants and warrants originating
from the exchange,- multi-tranche warrant issues,- warrant programmes.
First listing Subsequent listings
ordinary issuer
supranational issuer
ordinary issuer
supranational issuer
EUR EUR
Prospectus approval fee:
in general (stand alone and registration document)
1,500.- 1,375.- 625.- 560.-
particular cases of:
• securitiesnote 400.- 360.-
• warrantprogrammes:
- for the basic prospectus 1,500.- 1,375.- 625.- 560.-
- for each prospectus supplement 400.- 360.-
- for each unitary prospectus 400.- 360.-
Listing fee:
in general (stand alone) 600.- 600.-
for warrant programmes:
- for the programme 1,200.- 600.-
- for each tranche 400.-
ordinary issuer supranational issuer
Maintenance fee (annual fee): 400.- 360.-
- for multi-tranche issues, the prospectus approval and listing fees are one-off fees to be paid for all the tranches,
maintenance fees are charged for each tranche
- the listing fee of the programmes is payable on the day on which the admission of the programme is approved
by the Luxembourg Stock Exchange
- For programmes with different issuers, the prospectus approval, listing and maintenance fees are charged with
each issuer.
Listing procedures
23FactBook 2013
General:
The maximum term to be taken into account to calculate the maintenance fee is 20 years.
Where an application for listing of warrants is not followed by a listing, administrative charges amounting to EUR 600.- will be charged.
III. Stocks, shares and depositary receipts
The fee structure covers the following companies:
A. Companies having published or registered their annual accounts for the three preceding financial years
B. Companies which have not published or registered annual accounts for the three preceding financial years
A B
first listing
subsequent listings
first listing
subsequent listings
EUR EUR
Prospectus (or RD) approval fee: 2,500.- 1,250.- 2,500.- 1,250.-
Listing fee: 2,500.- 1,250.- 5,000.- 1,250.-
Maintenance fee (annual fee):
1st quotation line 2,500.- 5,000.-
2nd quotation line 1,875.- 3,750.-
3rd quotation line 1,250.- 2,500.-
4th quotation line and subsequent lines 625.- / line 1,250.- / line
For companies which have not published or registered annual accounts for the three preceding financial years, the normal provisions governing the maintenance fee shall apply after the end of the third financial year.
Where an application for listing is not followed by a listing, administrative charges amounting to EUR 2,500.- will be charged.
24 FactBook 2013
IV. Shares and units of undertakings for collective investment (UCIs)
The fee structure covers the following UCIs:
A. Luxembourg UCIs and UCIs of the European UnionB. UCIs from countries outside of the European Union
A B
EUR EUR
Prospectus approval fee 1: 1,250.- 2,500.-
Listing fee: 1,250.- 2,500.-
Maintenance fee (annual fee):
1st quotation line 1,875.- 2,500.-
2nd quotation line 1,250.- 1,875.-
3rd quotation line 875.- 1,250.-
4th quotation line and subsequent lines 500.- / line 625.- / line
1 does not apply to Luxembourg UCIs other than the closed-end type, UCITS governed by
harmonised Community Law and foreign UCIs in case of a public offer in Luxembourg
Where an application for listing is not followed by a listing, administrative charges amounting to EUR 1,250.- will be charged for Luxembourg UCIs and for UCIs of the European Union, and EUR 2,500.- for UCIs from countries outside of the European Union.
V. Subscription and allotment rights of unlisted companies
Administrative charges: EUR 2,500.-Maintenance fee: EUR 625.-
Date of implementation of this fee structure: November 1, 2007.
FactBook 2013 25
Markets
The Luxembourg Stock Exchange operates two markets.
The first opened in May 1929. It became a European regulated market and as such provides a European passport.
The second, opened in July 2005, is named “Euro MTF” and is a Multilateral Trading Facility.
The same rules & regulations and trading mechanism apply to both markets.
Trading mechanism
Fully automated and decentralized, the markets of the Luxembourg Stock Exchange are open from 9.00 a.m. to 5.35 p.m. Trades are generated on the UTP trading platform hosted by NYSE Euronext’s European cash markets. Member firms can access this platform directly through their own architecture or any ISV network.
The key criteria for the platform are reliability, performance, high availability and security. This means that the UTP system is subject to permanent review and updating, with a view to always providing the best trading service possible to market participants. The system is capable of handling exceptionally large volumes rapidly.
Securities are divided into trading groups based on different trading procedures. The composition of these groups, determined on the basis of factors such as the particular characteristics and liquidity of the securities, is detailed in the appendix to the Trading Manual. Securities within the same group are subject to the same timetable and price variation rules. The Luxembourg Stock Exchange announces the admission of a financial instrument to trading groups by means of a notice.
Securities are traded on the Luxembourg Stock Exchange either conti-nuously for securities that are liquid enough or for securities with a market maker willing to accept certain obligations or, when they are less liquid, by auction. The operating hours of the Luxembourg Stock Exchange and the times of the different phases of the trading day are published in the appendix attached to the Luxembourg Stock Exchange Trading Manual.
Real-time monitoring and supervision is performed by the Market & Surveillance Department of the Luxembourg Stock Exchange.
Market description
26 FactBook 2013
Clearing and settlement
As from March, 2008 post-trade activities are carried out in conjunction with LCH.Clearnet SA for clearing and with Euroclear Bank and Clearstream Banking Luxembourg for settlement.
The Luxembourg Stock Exchange offers three types of post-trade models. These are: - central counterparty (guaranteed);- pass-through (non-guaranteed);- bilateral settlement.
Brokerage
Brokerage fees are fully negotiable. No tax is withheld from transactions carried out on the Luxembourg Stock Exchange.
NYSE Euronext partnership
The partnership with Euronext N.V., a subsidiary of NYSE Euronext, covers two main areas: - cross-membership;- technology transfer.
In accordance with this partnership, existing members of the continental European securities exchanges of NYSE Euronext, these being the Euronext cash markets of Amsterdam, Brussels, Lisbon and Paris, are able to activate cross-membership rights to the Luxembourg Stock Exchange. Conversely, members of the Luxembourg Stock Exchange may take advantage of their own cross-membership rights.
1 Common platform 1 common electronic trading platform UTP
5 Market placesLuxembourg
StockExchange
EuronextAmsterdam
EuronextBrussels
EuronextLisbon
EuronextParis
The partnership provides for all products listed on the Luxembourg Stock Exchange cash markets to be made available on UTP, the trading platform of NYSE Euronext’s European cash markets. This means that, via the cross-membership mechanism, all members of the Luxembourg Stock Exchange may access the trading system of NYSE Euronext’s European cash markets. Equally, NYSE Euronext’s European cash markets members may access the markets of the Luxembourg Stock Exchange.
Market description
27FactBook 2013
Bond trading
The Luxembourg Stock Exchange bond market functions like other international bond markets, that is to say, with the presence of market makers. The role of the market makers is to permanently post firm buying and selling prices on the market. Currently, more than 1,200 bonds are quoted daily by market makers on the Luxembourg Stock Exchange’s markets.
28 FactBook 2013
The regulatory framework
Trading on the markets of the Luxembourg Stock Exchange may be performed only by the members duly authorised to trade in these markets. Since its inception, the Luxembourg Stock Exchange has granted approval to trade in the markets to two types of persons/members, i.e. on one hand to credit institutions and on the other hand to investment firms.
The Markets in Financial Instruments Directive (MiFID) allows the invest- ment firms authorised in their country to provide certain investment services to join the Luxembourg Stock Exchange without being required to operate from Luxembourg. An investment firm from one member country of the European Union may offer its services either through a branch or by applying the freedom of services in other countries of the European Union, provided it has been duly authorised by the authorities of its country of origin. The same principles also apply to the credit institutions from the same countries of the European Union in accordance with the second banking directive, which has introduced the European passport concept for the banks.
The members of the Luxembourg Stock Exchange must comply with the requirements of the modified Market Abuse Law of May 9, 2006.
On April 6, 2006, Euronext N.V. and the Luxembourg Stock Exchange signed a Memorandum of Understanding covering the exchange of listing and trading technology as well as joint efforts to develop the corporate bond market. The agreement also provides for all products listed on the Luxembourg Stock Exchange's cash market to be made available on UTP, the NYSE Euronext trading system for cash products.
Within the framework of this Memorandum of Understanding, Luxembourg Stock Exchange members may access the NYSE Euronext trading system and NYSE Euronext members qualifying for the European passport may access the markets of the Luxembourg Stock Exchange.
Application for membership
Admission to the Luxembourg Stock Exchange covers both the member, and the persons who shall represent the authorised members and act as liaison officers between the member and the Stock Exchange, or as trading managers supervising trading in the markets.
Members may be credit institutions or investment firms granted an authorisation given by the competent authorities of their home country. Members may opt for the status of broker or dealer.
In order to be granted and maintain membership status, applicants shall meet a variety of requirements in terms of reliability, expertise, reputation and capital.
Membership
Membership
29FactBook 2013
Members must comply with the requirements of the rules and regulations of the Luxembourg Stock Exchange, any measures or decisions made pursuant to such requirements, and any further amendments thereto. Members are granted access to the trading system and services of the Luxembourg Stock Exchange by the competent bodies of the Stock Exchange.
Members of the Luxembourg Stock Exchange may give access to the electronic order routing system to their clients. The activities of the clients on the markets of the Luxembourg Stock Exchange are executed under the name and responsibility of the member. Direct access to the markets of the Luxembourg Stock Exchange may also be granted to affiliates of a registered member. For more details, please refer to the Market Rules(www.bourse.lu).
Any application shall be supported by a variety of documents and information, which may be obtained by contacting the Luxembourg Stock Exchange, which coordinates the membership application procedure.
Cross-Membership and the UTP trading platform
Members of NYSE Euronext’s European cash markets may access the markets of the Luxembourg Stock Exchange in the capacity of a “Cross- Member”.
Equally, Luxembourg Stock Exchange members have access to the UTP trading platform of NYSE Euronext’s European cash markets. This gives members of the Luxembourg Stock Exchange access to products listed on NYSE Euronext’s European cash markets.
Sanctions in case of violation of the rules
In the event of behaviour or actions which might give rise to disciplinary measures, the Luxembourg Stock Exchange may investigate the matter and decide on disciplinary measures and sanctions as laid down in the Market Rules.
Membership fees
Stock Exchange membership is subject to an admission fee (one-off fee) and an annual membership fee for the member and the persons representing the member. Members trading on the markets of the Luxembourg Stock Exchange are subject to annual market access fees. For these members the annual membership fee is not charged.
There are no admission fees or annual membership fees charged to Cross- Members trading on the market.
30 FactBook 2013
Stock Exchange members
Credit institutions
ABN Amro Bank N.V.Bank Delen N.V.Bank of New York Mellon (Luxembourg) S.A. (The) Banque de Luxembourg S.A. Banque de Patrimoines PrivésBanque Degroof S.A.Banque Degroof Luxembourg S.A. Banque et Caisse d’Epargne de l’EtatBanque Internationale à Luxembourg S.A.Banque Privée Edmond de Rothschild EuropeBanque Safra Luxembourg S.A. BGL BNP ParibasBinckBank N.V. BNP Paribas FortisBNP Paribas Securities Services (Succursale de Luxembourg) CACEIS Bank LuxembourgCitibank International Plc (Succursale de Luxembourg) Commerzbank AGCommerzbank International S.A. Crédit Agricole Luxembourg S.A. Deutsche Bank AG London Deutsche Bank Luxembourg S.A.DZ Privatbank S.A.HSBC Securities Services (Luxembourg) S.A. HSBC Trinkaus & Burkhardt (International) S.A. Hypo Pfandbrief Bank International S.A.ING Bank N.V.ING Luxembourg S.A.J.P. Morgan Bank Luxembourg S.A. KBL European Private Bankers S.A. Keytrade Bank S.A.Mitsubishi UFJ Global Custody S.A.Mizuho Trust & Banking (Luxembourg) S.A. Nomura Bank (Luxembourg) S.A.Rabobank InternationalRBC Investor Services Bank S.A. RBS Global Banking (Luxembourg) S.A.Royal Bank of Scotland N.V., London Branch (The) Sal. Oppenheim Jr & Cie Luxembourg S.A. Schnigge Wertpapierhandelsbank AGSociété Européenne de Banque S.A. Société Générale Bank & Trust S.A. State Street Bank Luxembourg S.A. UBS (Luxembourg) S.A.Unicredit Luxembourg S.A.
Membership
31FactBook 2013
Brokers
BNP Paribas Arbitrage SNCBNP Paribas Equities France S.A. CapitalatWork Foyer Group S.A.Credit Suisse Fund Services (Luxembourg) S.A. FIL (Luxembourg) S.A.Florint B.V.Franklin Templeton International Services S.A. Fuchs & Associés Finance S.A.HIQ Trading and Liquidity Providing N.V.KBC Securities N.V.Leleux Associated BrokersMerrill Lynch (Luxembourg) S.à r.l. Munnik Opties & Futures Trading B.V.Newedge UK Financial LtdOddo et CiePetercam S.A.Procapital Securities ServicesSNS Securities N.V.Tradition Securities and Futures S.A. UBS Fund Services (Luxembourg) S.A.
Remotemembers
3%Cross membersAmsterdam
15%
Cross members
Paris8%
Local members
62%
Cross membersBrussels
11%
32 FactBook 2013
The X principles of corporate governance of the Luxembourg Stock Exchange
The current 3rd version of the “X Principles” was drawn up during a period that was dominated by the shock of new revelations regarding poor governance situations, on the one hand, and by a resurgence of legislators’ attempts to sanction the behaviour of the parties involved in an increasingly detailed and targeted manner, on the other. The Luxembourg Stock Exchange, which is convinced that any effort to legislate “poor management” out of existence is pointless, has chosen to select regulations based on principles. Therefore the “X Principles” that it has selected, which are standardised, with a broad scope that covers the main aspects of corporate governance, are mandatory, with no exceptions. They are implemented by mandatory “Recommendations” on a non-exhaustive basis. However, companies are given room to use their own judgement in the implementation of these “Recommendations”. In fact, a company may adapt a “Recommendation” to its specific situation; but it is then under an obligation to explain the selected variations in its communications (“comply or explain”).
Several amendments that have been made to the wording of the “X Principles” in this 3rd version go well beyond the level of the principles, and touch on the areas of transparency, values, and corporate ethics. They aspire to the ideal of the “prudent manager”. Indeed, this Civil Code archetype must have an equivalent in the corporate governance area, personified by a wise, diligent company director, who cares about the corporate interests entrusted to them as if they were their own. This is the mindset that will dictate the appropriate good governance behaviours and decisions that are likely to meet with shared approval, the ultimate value criterion, to a company director. This is the attitude to which the “X Principles” refer.” (from the foreword of Mr Alain Georges, Chairman of the working group)
1. Corporate governance
Corporate governance consists of the body of principles, rules and practices that determine companies’ management and control. It therefore covers the distribution of powers between the shareholders and management of a company, and especially the operation of the company’s Board of Directors.
These rules primarily concern the Board of Directors, its operation, and the exercise of its duties and responsibilities. They cover the organisation of the relationship between the Board and the shareholders, on the one hand, and between the Board and Executive Management, on the other.
Good corporate governance includes the procedures and instruments that provide an optimal balance between entrepreneurial spirit and the search for performance, on the one hand, and the control and prevention of risk, on the other.
Corporate governance
Corporate governance
33FactBook 2013
Good governance forms an integral part of corporate culture, embodies the values of integrity and responsibility, and is based on the transparency of decision-making processes and on respect for the interests of shareholders and any other stakeholders, namely regulators, employees, suppliers, customers, and of civil society in a broader sense. It also implies effective risk management, thorough control mechanisms, a transparent approach to conflicts of interest, and regular reports from Executive Management to the Board of Directors, and from the Board to the General Meeting of Shareholders.
Good governance is therefore a stability factor for companies and for their social and political environment, and therefore promotes a climate that is favourable to investment, and contributes to the creation of long-term value and to economic growth.
2. Framework
The X Principles of Corporate Governance shall be considered as complementary to Luxembourg legislation, from which they cannot deviate. No Principle or Recommendation may be construed as conflicting with Luxembourg law.
The X Principles are based on existing Luxembourg legislation regarding commercial companies, and specifically on the financial regulations that are applicable to companies listed on the Stock Exchange. The rules and regulations adopted at the European level, and the legislation regarding governance in neighbouring countries has also been taken into account.
The X Principles have been influenced by various factors that are specific to Luxembourg:- the wide variety of the companies with shares admitted for trading
on the Luxembourg Stock Exchange regulated market (ranging from large multinational companies to small industrial and commercial companies, or to investment companies);
- the structure of the companies’ shareholder base (companies with major shareholders, companies with a very widespread shareholder base, small companies with a more limited shareholder base, or companies where the shareholder base consists mainly of shareholders who are financial investors); and
- certain specific director situations [(directors representing a public shareholder (Law of 25 July 1990) or the company’s employees (Law of 6 May 1974)].
The X Principles have been drawn up for limited companies with a single-tier governance structure (Board of Directors), which is the form most commonly adopted by companies in Luxembourg. However, they are also intended to apply to other forms of companies, including those with a two-tier governance structure, including a Supervisory Board and an Executive Board. In this case, the X Principles must be interpreted and applied by analogy.
34 FactBook 2013
3. Structure, content and characteristics of the X Principles of Corporate Governance
The X Principles include three series of rules: - the actual mandatory (“compliance”) Principles;- the “comply or explain” Recommendations; and- the Guidelines, which are indicative but not binding.
The X Principles are mandatory. Their scope is sufficiently broad for all companies to be able to adhere to them, regardless of their specific features. All Luxembourg companies where the shares are admitted for trading on a regulated market operated by the Luxembourg Stock Exchange (hereinafter, the “target companies”) must therefore apply them without exception.
The Recommendations (some of which are detailed in the Appendices to the X Principles) describe the proper application of the principles. Companies are asked to comply with the Recommendations or to explain why they are departing from them. In such cases, companies must determine which rules are most suited to their specific situation and provide an appropriate explanation in the statement on corporate governance in their annual report. This flexible approach is based on the “comply or explain” system. This system, which has long been adopted in many countries, is recommended by the OECD and the European Commission. Thanks to its flexibility, this approach enables the specific circumstances of companies, such as their nationality, size, shareholder structure, business activities, exposure to risk, and management structure, to be taken into account.
Smaller target companies, in particular those that have recently been admitted to trading on the market, as well as young growth companies, may take the view that some of the Recommendations are disproportionate or less relevant in their case. Likewise, holding and investment companies may require a different structure for their Board of Directors, which may affect the relevance of some of the Recommendations to them. For instance, in such cases, the role of the Nomination and Remuneration Committees may be fulfilled by a single committee.
The Recommendations are supplemented by the Guidelines, which provide advice on the appropriate manner for a company to implement or interpret the Recommendations, and reflect “best practices”. The Guidelines are optional, and are therefore not subject to the obligation to “comply or explain”.
4. Disclosure of information
Transparency – via the publication by each company of the corporate governance principles that it applies – is an essential factor, which the X Principles aim to promote in order to enable effective external monitoring of the application of the X Principles by the company in question.
Information on corporate governance is disclosed in two different documents: - the Corporate Governance Charter, which is published on the
company’s website, and - the statement on corporate governance in the annual report.
Corporate governance
35FactBook 2013
In the Corporate Governance Charter, the company describes the main aspects of its corporate governance policy, especially its structure, the internal regulations for the Board, its committees, and Executive Management, as well as other important points (e.g. the remuneration policy). The Charter must be updated on a regular basis.
The statement on corporate governance in the annual report primarily includes factual information on the governance of the company and on the operation of the governing bodies during the year just-ended, including any changes that have occurred, like the appointment of new directors, the appointment of committee members and the remuneration report.
5. Monitoring and compliance
A monitoring system that involves the shareholders, the Board of Directors, the Luxembourg Stock Exchange, the Luxembourg Financial Sector Supervisory Commission (“CSSF”) and the other stakeholders, must ensure close compliance with the corporate governance principles. Other mechanisms may be added to this monitoring system.
- The Board of Directors
In a single-tier structure, the Board of Directors plays a dual role: first it manages and heads the company, and second, it ensures effective monitoring of its Executive Management. The Board of Directors must ensure that the Corporate Governance Charter and the statement on corporate governance in the annual report are accurate and complete. Although non-executive directors and directors who rank as independent directors, who ideally form a majority on the Board, have a particular duty to assume this responsibility, it is incumbent on all Directors, who must all demonstrate their independence of judgement, integrity, force of character and objectivity in order to fulfil this role.
- Shareholders
Given the flexible “comply or explain” approach recommended by the X Principles, shareholders, and specifically institutional investors, have a paramount role to play in assessing the company’s corporate governance.
Shareholders shall carefully examine the reasons provided by the company whenever it departs from the Recommendations or fails to comply with them, and make a reasoned judgment in each case. Where shareholders do not accept the positions adopted by the company, it is their duty to inform its management or Board of Directors of their position, and to enter into a dialogue with the company on this issue, where applicable.
- The Luxembourg Stock Exchange
The Luxembourg Stock Exchange contributes to the external monitoring of the application of the X Principles by listed companies through providing its support and advice to those companies, in order to encourage implementation of the X Principles.
36 FactBook 2013
It shall draw any omission or exception that is not justified by the X Principles to all listed companies’ attention, and invite them to provide an explanation on this point to the Stock Exchange, where applicable. The Luxembourg Stock Exchange reserves the right to publish reports on the corporate governance practices of listed Luxembourg companies from time to time.
However, with regard to points where the laws or regulations in force require disclosure, regardless of whether this information is included in the X Principles, the powers of the CSSF, including its powers to impose sanctions, shall take precedence.
7. Follow-up
The definition of what constitutes good corporate governance may need to evolve in step with changes in the business environment, the requirements of financial markets, or even changes to company law.
It is therefore important for companies to ensure that they follow up the X Principles on a regular basis, and review the Recommendations on an ongoing basis, in order to make any adjustments that may become necessary. This requires the implementation of appropriate procedures. The Luxembourg Stock Exchange’s corporate governance working group is the instrument for these adjustments. It is within this framework that the group has prepared this third revised version of the X Principles.
8. Scope and entry into effect
The X Principles apply to companies incorporated under Luxembourg law, where their shares are listed on a regulated market operated by the Luxembourg Stock Exchange, except for regulated SICAV and Mutual Funds, to which specific regulations apply.
However, given their flexibility, the X Principles can easily be used as a reference framework for any company incorporated under Luxembourg law, or under the laws of another country, or any company incorporated under Luxembourg law that has asked for its shares to be admitted to a foreign regulated market. Where Luxembourg companies admitted for trading on various regulated markets in addition to the regulated market operated by the Luxembourg Stock Exchange are faced with several codes of conduct in terms of corporate governance, they are invited to apply the X Principles. Indeed, under most circumstances, the regulatory nature of the X Principles enables these companies to comply with the provisions of the governance codes in effect on other regulated markets as well.
The third version of the X Principles of Corporate Governance of the Luxembourg Stock Exchange entered into effect on May 1, 2013 and applies to annual reports for financial years as from that date.
FactBook 2013 37
The Luxembourg Stock Exchange makes available services for the listing and trading of securities. It has further developed products and services that are complementary and attendant to these activities.
Listing and trading services
Listing
The Luxembourg Stock Exchange is internationally recognised for its listing expertise. It was the first exchange to list a Eurobond, in 1963, and since then has become Europe’s leading location for the listing of international bonds as well as a major location in the world for the listing of Global Depositary Receipts (GDRs). This aspect of the Stock Exchange’s business is perfectly in line with the international stance taken by Luxembourg as a financial centre, with its high level of professionalism and a sound regulatory and business-friendly environment. Luxembourg and its Stock Exchange are both major and experienced players on the world’s markets.
The instruments that can be listed on the Luxembourg Stock Exchange are: fixed income securities, warrants, stocks, depositary receipts and shares and units of investment funds.
More information on listing can be found in the “Listing procedures” chapter.
Trading
Trading is conducted on the UTP platform of NYSE Euronext’s European Markets. This is Europe’s prime pool of liquidity and the point of access to an extended membership network. More details on trading activities can be found in the chapter entitled “Market description”.
Clearing & settlement
Post-trade activities are carried out in conjunction with LCH.Clearnet S.A. for clearing and with Euroclear Bank and Clearstream Banking Luxembourg for settlement. The Luxembourg Stock Exchange offers three types of post-trade models. These are:
- Central counterparty (guaranteed);- Pass-through (non-guaranteed);- Bilateral settlement.
Membership services
The Luxembourg Stock Exchange provides all appropriate services and information for members and NYSE Euronext and other cross-members. Further details are included in the “Membership” chapter.
Products and services
38 FactBook 2013
Information products and Finesti
The Luxembourg Stock Exchange shares technology infrastructure as well as a long-term strategy with its subsidiary Finesti, in particular in the fields of data dissemination and communications platforms. Created in 1995 under the name of CCLux, Finesti has been a wholly-owned subsidiary of the Luxembourg Stock Exchange since 2002. Its objective is to provide services and tools for the collection, management and dissemination of investment fund data.
Luxembourg Stock Exchangeand Finesti synergies
Fund
Managers
Professional
Investors
Data Vendors
and
Data Analysts
Financial
Press
Supervisory
Authorities
CSSF
Banking
and Financial
Institutions
Private
Investors
Listing AgentsIssuers
Fund Administrations
Luxembourg
funds
information
Shares,
Bonds,
Listed Funds
and Warrants
information
CENTRAL DATABASE
DATA COLLECTIONLuxSE/Finesti
- Prices, Reference Data- Corporate Events- Documents
Data
Dissemination
Products
LuxSE/Finesti
Consultation
Portals
LuxSE/Finesti
Bulk dissemination
The Luxembourg Stock Exchange and Finesti offer specific data products designed for data-vendors and other institutions.
For the Luxembourg Stock Exchange, this means data related to securities listed and traded on its two markets. Products currently available are feeds on quotes, indices and Level 2 disseminating 10 best bids and offers in real-time or quotes and indices in delayed or end-of-day, corporate actions feed; display data on closed or public user group applications, non-display information usage and document products.
In line with MiFID requirements, stock exchange data products now provide the marketplace and investors with a higher and more consistent level of transparency by offering pre-trade and post-trade data, such as quotes and order book best prices.
For Finesti, this covers a range of static and dynamic data such as NAV data, tax data, descriptive data and fund processing passports. It also includes all fund documents such as prospectuses, financial reports and fund notices and announcements, as well as the Key Investor Information Document (KIID).
Products and services
39FactBook 2013
Regulatory and statistical reporting via e-file.lu
The e-file communication platform (www.e-file.lu) is used for secure transmission of data and documents to the authorities – the Luxembourg financial supervisor (the CSSF) and the Luxembourg Central Bank.
For the Luxembourg Stock Exchange, e-file can be used for a variety of regulatory and statistical reports by banks and investment institutions.
Under the Law of July 13, 2007 transposing the MiFID directive, the scope of reporting requirements was extended. Banks and investment institutions have the obligation to electronically report to the authorities all the trades that they have executed in securities traded in a regulated market based in a Member State of the EEA. Since 2000, the Luxembourg Stock Exchange has provided an electronic facility used by these firms, regardless of whether they are members of the Stock Exchange, to report their trades in a secure manner to the authorities. Some of this reporting can be carried out by the e-file platform.
For Finesti, investment funds, or their agents, may use e-file as a stand-alone product or as a component of the Finesti Station, the dedicated platform for investment fund administrators.
For prudential supervisory purposes, investment funds are required to periodically transmit to the Luxembourg regulator, the CSSF, data relating to their activities as well as the final version of their prospectuses and financial reports. In addition to this, the BCL (Luxembourg Central Bank) is in charge of the collection of data as well as the compilation of monetary and financial statistics.
The E-file platform may also be used by investment funds for cross-border notifications to the local and other European supervisory authorities
Financial news service for issuers and fund promoters
The Luxembourg Stock Exchange offers issuers of transferable securities, or their agents, a service on its website that enables them to have their information published online and disseminated in the form of notices or press releases to media specialising in financial information.
Issuers can also use this tool to fulfil their obligation to publish statutory information (see below).
Finesti also offers this service to all the funds in its database.
OAM service for regulated information
This is a service offered by the Luxembourg Stock Exchange. As an extension to the above financial news service, the Luxembourg Stock Exchange enables issuers to fulfil their legal obligation to publish statu-tory information under the Law of January 11, 2008 on transparency obligations.
The Exchange has been appointed as Officially Appointed Mechanism (OAM) for the central storage of regulated information. This mandate covers two main areas, namely the storage of regulated information and providing access to such information.
40 FactBook 2013
All regulated information so published is freely accessible to the public.
Document Outsourcing Service
Many fund actors have clients who need to be provided with official documents. The Document Outsourcing Service enables fund platforms, banks and many other entities to concentrate on their core business. Finesti takes charge of the document collection and distribution needs of a fund universe and is involved as a specialist service provider.
Document Dissemination Service (DDS)
Any fund that is sending documents to Finesti, either via UCITS IV notification packages or any other collection method can opt to subscribe to targeted document dissemination services.
Finesti Report Service
This service offers fund professionals access to full reports that are updated on a monthly or quarterly basis, ensuring they remain up to date with the latest trends.
Foreign Fund Services (FFS)
Finesti’s Foreign Fund Services is the point of departure for non- Luxembourg domiciled funds wishing to increase their distribution opportunities. It provides access to Finesti services for collection management and dissemination.
Website consultation The Luxembourg Stock Exchange and Finesti provide, via their websites, consultation services that give access to up-to-date and comprehensive financial information on listed securities and investment funds respectively. In addition, the Luxnext website operated by the Exchange and NYSE Euronext provides information on corporate bonds.
The Luxembourg Stock Exchange and Finesti websites offer three levels of consultation each enabling access to different amounts of data:
- free public access; - free access with registration; - paid subscription to premium services.
The Luxembourg Stock Exchange at www.bourse.lu
Products and services
41FactBook 2013
The consultation portion of the website provides a global vision of some 42,000 securities listed on the Luxembourg Stock Exchange and may be accessed through a multi-criteria search engine. It includes:
- prices, indices, and market data; - historical prices, dividends/interest; - other data and information related to a security; - documents related to a security, such as prospectuses and notices; - data and documents on issuers; - information of latest listings, de-listings, suspensions, and market
transfers.
Finesti at www.finesti.com
With comprehensive coverage of the Luxembourg fund universe and a growing coverage of European funds, Finesti’s online consultation services are the perfect tool for both occasional and intensive queries. Visitors benefit from:
- a single access point to more than 500,000 fund documents and information on 60,000 fund share classes;
- real-time access to data and updates; - descriptive data; - static and periodic data related to EU savings tax directive; - European Fund Classifications; - information on investment fund third parties and service providers.
White label web services
The Luxembourg Stock Exchange and Finesti enable third-party websites to establish a direct link between their web applications and its database.
These white label services allow other websites to easily publish data from the Exchange, notably market data, on their own websites and, if desired, under their own branding.
Stops on securities
In accordance with the Grand-ducal regulation of October 31, 1996, the Luxembourg Stock Exchange is the registering institution of stops on bearer securities.
The stops office allows those persons who have been involuntarily deprived of their bearer securities to make a formal entry in a national register. In so doing, they may prevent any further circulation of the securities.
Daily publication of stops are made through the website of the Luxembourg Stock Exchange.
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Enhancing the Luxembourg Stock Exchange’s international presence
In addition to the line of services that it renders as the domestic market operator, the Luxembourg Stock Exchange conducts internationally- oriented activities.
For a number of years, the Luxembourg Stock Exchange has been a member of SIIA (Software and Information Industry Association) and of the Association’s Financial Information Services Division. This enables the Stock Exchange not only to enhance its own programme of data vending products, but also to be involved in the reflections conducted by the financial data industry at large.
The Luxembourg Stock Exchange actively takes part in the meetings and reflections of both the Federation of European Securities Exchanges and the World Federation of Exchanges.
Furthermore, the LuxSE pays attention to the current and expectedchanges to the legal and regulatory EU framework governing the securities industry. In this respect, it ensures to be adequately represented so as to air its views in the forums and bodies dealing specifically with all the directives and regulations impacting the Luxembourg Stock Exchange’s key activities.
Another segment is overall co-operation with foreign stock exchanges. The Luxembourg-listed securities originate from a variety of jurisdictions with which some form of co-operation can be established for an appropriate exchange of information on the securities in question, including corporate actions and stock events. This has already taken the form of memoranda of understanding with Hong Kong Exchanges and Clearing Limited, the Shanghai Stock Exchange, the Taiwan Stock Exchange Corporation and the Tokyo Stock Exchange Group. The Luxembourg Stock Exchange is prepared to enter into similar agreements with other stock exchanges for serving the same purposes and thereby contributing to improved market efficiency.
More generally, the Luxembourg Stock Exchange participates in a variety of economic missions led by the Government, Luxembourg for Finance (www.lff.lu), the promotion agency of the Luxembourg financial sector, Profil (the Luxembourg financial industry federation) and other organisations in countries or regions of particular interest.
International co-operation
FactBook 2013 43
The Luxembourg Stock Exchange makes available a range of publications in printed and digital format. The majority of these are freely downloadable from www.bourse.lu.
Primary documents
• RulesandRegulationsoftheLuxembourgStockExchange(inFrenchand English)
• ListingRules(inFrenchandEnglish)• MarketRules(inFrenchandEnglish)• TradingManual(inFrenchandEnglish)• TheTenPrinciplesofCorporateGovernanceoftheLuxembourgStock
Exchange (in French and English)
Periodicals
• TheLuxembourgStockExchangeOfficialPriceList(dailyinFrench)• FactsandFigures(quarterlyinFrenchandEnglish)• Stocks,SharesandDepositaryReceiptsListedontheLuxembourgStock
Exchange (semi-annually in French and English)• Mémentodesvaleursdesociétésluxembourgeoisescotées(annuallyin
French)• Dailypublicationsofstopsonsecurities,viatheLuxSEwebsite(EUR
1,875.- per annum)• Stopsonsecurities:periodicalreportsviatheLuxSEwebsite• (EUR375.-perannum)orasastructuredfile(EUR4,375.-perannum)• BourseInformations–GeneralNewsletter(quarterlyinFrenchand
English)• FactBook(annuallyinEnglish)
Informational booklets
• TheIndicesoftheLuxembourgStockExchange,LuxXandLuxGénéral• (inFrenchandEnglish)• TheLuxGDRsIndiaandLuxGDRsTaiwanIndices(inFrenchand
English)• TradingFundsontheLuxembourgStockExchange(inFrenchand
English)• RequestsforQuotesforBonds(inFrenchandEnglish)• GoforMembership(inFrenchandEnglish)• Securitization/InvestmentCompanyinRiskCapital(inFrenchand
English)• Visa,ListingandMaintenanceFees(inFrenchandEnglish)• TheInvoluntaryDispossessionofBearerSecurities(inFrenchand
English)
Publications
44 FactBook 2013
Brochures
• TheLuxembourgStockExchange:aPrimeLocationforListing(inEnglish)
• GuidetotheEuroMTFMarket(inEnglish)• Yourpremiumlistingdestination(inEnglish,inassociationwith
Deloitte) • Aprimelocationforlisting(inEnglish,inassociationwithPwC)• GuidetotheEuroMTFmarket(inEnglish,inassociationwithPwC)• Theplaceforlistingalternativeinvestmentfunds(inEnglish,in
association with PwC)
FactBook 2013 45
Tuesday January 1st New Year’s Day
Friday March 29th Good Friday (*)
Monday April 1st Easter Monday
Wednesday May 1st Labour Day
Thursday May 9th Ascension Day
Monday May 20th Whit Monday
Thursday August 15th Assumption
Friday November 1st All Saints' Day
Wednesday December 25th Christmas Day
Thursday December 26th Boxing Day
(*) The Issuers Department will be on stand-by duty for transmissions to the CSSF of any
requests for approval of prospectuses.
On Christmas Eve, Tuesday 24 December 2013, and on New Year's Eve,
Tuesday 31 December 2013, the market will close at 2:00 pm CET.
2013 Exchange holidays
46 FactBook 2013
1927 December 30 Law concerning the creation of a Trade Exchange.
1928 April 5 Incorporation of the Stock Exchange as a limited company, the Société de la Bourse de Luxembourg S.A.
1929 May 6 First trading session of the Luxembourg Stock Exchange.
1953 November 3 First listing of a supranational institution issue: 100 million US dollars, World Bank, 3.25%, 1951-81.
1961 October 20 Creation of the International Federation of Stock Exchanges, the FIBV, of which the Luxembourg Stock Exchange is a founding member.
1962 January 26 First listing of an investment fund: Finance-Union.
1963 July 17 First listing of a Eurobond: 15 million US dollars, Autostrade, 5.50%, 1963-78.
1966 July 25 First listing of an EIB bond: 15 million US dollars, 6.50%, 1966-86.
1969 April 21 Quotation of international bonds in their respective currencies of issue.
1974 September 9 Creation of a Committee of EEC Stock Exchanges, of which the Luxembourg Stock Exchange is a founding member. This Committee became the Federation of European Stock Exchanges.
1979 September 24 50th anniversary of the Luxembourg Stock Exchange.
1981 April 21 First listing of a bond denominated in Ecu: 35 million, SOFTE, 13%, 1981-1982-1987.
December 11 Quotation of variable-income securities in their respective currencies of issue.
1985 January 2 Start of the computation of new Luxembourg share indices, the Price index and the Return index, base level 1,000.
1987 January 16 First listing of a US dollar Euro Medium Term Note (EMTN) by a corporate issuer: Pepsico Inc.
1988 March 30 Law and Grand-ducal regulation relating to undertakings for collective investment (UCIs) implementing into Luxembourg law the 1985 EEC directive. Luxembourg was the first Member State of the EEC to adopt a new framework relating to investment funds. This triggered off a rapid growth of the investment fund industry in Luxembourg.
October 4 First listing of a global bond: 1.5 billion US dollars, World Bank, 1989-99.
History
History
47FactBook 2013
1990 September 21 New legal framework covering stock exchange business and giving the Luxembourg Stock Exchange the competence to grant the visa with regard to listing particulars.
December 26 Listing of the first Global Depositary Receipt issued by a Korean company: Samsung Co.
1991 January 2 Grant by the Luxembourg Stock Exchange of the first visa.
April 12 Start of computer-assisted trading.
May 3 Law on insider dealing.
August 1 Liberalisation of trading fees.
1993 October 22 First listing of a Luxembourg Government Linear Bond programme: 3.845 billion Luxembourg francs, OLUX, 6.50%, 1993-2003.
1994 March 19 A far-reaching strategy for the future activities of the Exchange is decided by the Stock Exchange’s Board of directors. The strategy was to be based on a new development in the field of IT, as regards the SAGE applications relating to the administrative tasks and the follow-up of securities as well as the new trading system SAM.
1995 May 24 Visit by His Royal Highness Grand-Duke Jean of Luxembourg to the Luxembourg Stock Exchange.
June 1 Settlement day: T + 3.
December 28 Last floor trading session.
1996 January 2 Launch of the fully automated trading system, known as “SAM”, standing for Système Automatisé de Marché.
March 31 New concession to the Luxembourg Stock Exchange granted by the Government. The terms and conditions of the concession aim at safeguarding the role of the Luxembourg Stock Exchange in the Luxembourg financial centre in order to keep up with the environment of financial markets and stock exchanges within the European Union.
1997 February 14 First listing of a bond denominated in euro: 1.3 billion, EIB, 5.25%, 1997-2004.
1998 June 10 First remote member of the Luxembourg Stock Exchange.
December 14 Establishment of the Alliance of the Benelux stock exchanges.
December 30 Last trading session in national currency.
1999 January 4 First quotation in euro Launch of the LuxX index, base level 1,000.
2000 November 16 Cross access and cross membership agreement between the Luxembourg Stock Exchange and Euronext.
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2002 August 23 First listing of a sukuk: Malaysia Global Sukuk.
2004 May 6 75th anniversary of the Luxembourg Stock Exchange.
2006 April 6 Co-operation agreement on trading and listing facilities between Euronext and the Luxembourg Stock Exchange.
2007 March 22 Master agreement between Euronext and the Luxembourg Stock Exchange on trading and listing facilities.
2007 May 2 Migration to the NSC trading platform of Euronext.
2007 May 21 Creation of Luxnext EEIG to promote and develop operations in corporate bonds, market listings, trading and sale of market data.
2007 May 28 Memorandum of Understanding with LCH.Clearnet to implement clearing services for Luxembourg Stock Exchange markets.
2009 March 9 Migration to the UTP trading platform of NYSE Euronext.
49FactBook 2013
Changes to provisions governing Luxembourg Stock Exchange business in transferable securities and securities trading in Luxembourg from 2011 to March 2013
2011 January 10 Circular CSSF 11/498: - Entry into force of the law of 17 December 2010 relating to
undertakings for collective investment and CSSF Regulations No. 10-04 and No. 10-05 on implementing measures
- Commission Regulations (EU) No. 583/2010 and No. 584/2010 of 1 July 2010 implementing Directive 2009/65/EC
- Guidelines and other documents drawn up by the Committee of European Securities Regulators (CESR)
13 Circular CSSF 11/500: Statistics on guaranteed deposits and instruments to be provided to the CSSF by the members of the Association pour la Garantie des Dépôts, Luxembourg (Luxembourg deposit guarantee scheme); information to be provided by investment firms (acting on behalf of third parties) to their depositaries of assets or financial instruments
February 13 Law strengthening the fight against corruption
28 Circular CSSF 11/501: Amendments to Annexe 1 of Circulars CSSF 06/273 and CSSF 07/290, as amended, defining capital ratios pursuant to article 56 of the amended law of 5 April 1993 on the financial sector
March 3 Circular CSSF 11/503: Reminder on the obligations applicable to the transmission and publication of financial information and relating deadlines
11 Circular CSSF 11/504: Frauds and incidents due to external computer attacks
Circular CSSF 11/505: Details relating to the application of the principle of proportionality when establishing and applying remuneration policies that are consistent with sound and effective risk management as laid down in Circulars CSSF 10/496 and CSSF 10/497 ("CRD III Circulars"), transposing Directive 2010/76/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies ("CRD III")
April 4 Regulation of the “Banque centrale du Luxembourg” 2011/No.7 concerning the collection of statistics from credit institutions and the financial services of the Entreprise des Postes et Telecommunications
Area: Balance of payments and International investment position
Laws and regulations
50 FactBook 2013
15 Circular CSSF 11/508: New provisions applicable to Luxembourg management companies subject to Chapter 15 of the law of 17 December 2010 relating to undertakings for collective investment and to investment companies which have not designated a management company within the meaning of Article 27 of the law of 17 December 2010 relating to undertakings for collective investment
15 Circular CSSF 11/509: New notification procedures to be followed by a UCITS governed by Luxembourg law wishing to market its units in another Member State of the European Union and by a UCITS of another Member State of the European Union wishing to market its units in Luxembourg
28 Law of 28 April 2011 - transposing Directive 2009/111/EC of the European Parliament
and of the Council of 16 September 2009 amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements, and crisis management
- transposing for credit institutions Directive 2009/49/EC of the European Parliament and of the Council of 18 June 2009 amending Council Directives 78/660/EEC and 83/349/EEC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts;
- completing the transposition of Directive 2009/14/EC of the European Parliament and of the Council of 11 March 2009 amending Directive 94/19/EC on deposit-guarantee schemes and the payout delay;
- amending the law of 5 April 1993 on the financial sector, as amended;
- amending the law of 17 June 1992 relating to the accounts of credit institutions, as amended;
- amending the law of 23 December 1998 establishing a financial sector supervisory commission (“Commission de surveillance du secteur financier”)
- amending the law of 31 May 1999 governing the domiciliation of companies;
- amending the law of 13 July 2007 on markets in financial instruments;
- amending the law of 11 January 2008 on transparency requirements in relation to issuers of securities;
- amending the law of 10 November 2009 on payment services.
29 Regulation of the “Banque centrale du Luxembourg” 2011/No.8 concerning the collection of statistics from companies which grant loans or issue debt securities or derivative instruments to affiliates
Laws and regulations
51FactBook 2013
May 11 Circular CSSF 11/510: Circulars applicable to payment institutions as regards central administration and infrastructure
24 Law concerning the exercise of certain rights at general meetings of shareholders of listed companies and transposing Directive 2007/36/EC of the European Parliament and the Council of 11 July 2007 concerning the exercise of certain rights of shareholders in listed companies
24 Law on services in the internal market
30 Circular CSSF 11/512: - Presentation of the main regulatory changes in risk
management following the publication of CSSF Regulation 10-4 and ESMA clarifications;
- Further clarifications from the CSSF on risk management rules;- Definition of the content and format of the risk management
process to be communicated to the CSSF
June 6 Circular CSSF 11/513: Amendments to the prudential reporting regarding capital adequacy (tables B 1.4 / B 6.4) applicable as of 31 December 2011
7 Circular CSSF 11/514: Cooperation of the professionals of the financial sector with the Luxembourg office of the investigating judge
14 Circular CSSF 11/515: Entry into force of the law of 28 April 2011
July 4 BCL Regulation 2011/9 on payment instruments and operations
19 Circular CSSF 11/519: Risk analysis regarding the fight against money laundering and terrorist financing (AML/CTF)
28 Law amending1) the law of 30 May 2005 on the protection of privacy 2) the law of 2 August 2002 on the protection of persons with
respect to the personal data processing3) the amended law of 22 June 1963 4) the Consumer Code
October 3 BCL Circular 2011-228 concerning modifications of the current statistical data collection
11 Circular CSSF 11/521: Professional obligations as regards conduct of business rules: amendment of certain provisions of Circular CSSF 01/27 relating to practical rules concerning the role of réviseurs d'entreprises agréés (approved statutory auditors), as amended by Circulars CSSF 08/340 and CSSF 10/484
28 Law implementing regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies and amending the law of 5 April 1993 on the financial sector and amending the law of 8 December 1994
52 FactBook 2013
November 4 Circular CSSF 11/525: FATF statements concerning1) jurisdictions whose anti-money laundering and combating the
financing of terrorism regimes have substantial and strategic deficiencies;
2) jurisdictions not making sufficient progress;3) jurisdictions whose anti-money laundering and combating the
financing of terrorism regimes are not satisfactory
December 14 Rectification of CSSF Regulation N° 10-04 transposing Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company
15 Circular CSSF 11/527: Update of the general presentation of the law of 18 December 2009 and regulations relating to the audit profession
15 Circular CSSF 11/528: Abolition of the transmission to the CSSF of suspicious transaction reports regarding potential money laundering or terrorist financing
22 Circular CSSF 11/529: Risk analysis regarding the fight against money laundering and terrorist financing (AML/CTF)
2012 January 11 Circular CSSF 12/530: Annual survey by the CSSF of the deposits and claims (instruments and monies) guaranteed by the Association pour la Garantie des Dépôts, Luxembourg (Luxembourg deposit guarantee scheme; AGDL)
11 Circular CSSF 12/531: Survey on past due loans and commitments, on the related past due items and on specific impairment and provisions of credit institutions as at 31 December 2011
13 CSSF Regulation N° 11-04: amending CSSF Regulation N° 10-5 transposing Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure
March 6 Circular CSSF 12/535: Changes to advanced measurement approaches (AMA) for operational risks
14 Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps
26 Law of 26 March 2012 amending the law of 13 February 2007 relating to specialised investment funds
27 Circular CSSF 12/536: Guidelines of the European Securities and Markets Authority (ESMA) on systems and controls in an automated trading environment
Laws and regulations
53FactBook 2013
June 29 Commission Delegated Regulation (EU) No 826/2012 of 29 June 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council with regard to regulatory technical standards on notification and disclosure requirements with regard to net short positions, the details of the information to be provided to the European Securities and Markets Authority in relation to net short positions and the method for calculating turnover to determine exempted shares
29 Commission Implementing Regulation (EU) No 827/ 2012 of 29 June 2012 laying down implementing technical standards with regard to the means for public disclosure of net position in shares, the format of the information to be provided to the European Securities and Markets Authority in relation to net short positions, the types of agreements, arrangements and measures to adequately ensure that shares or sovereign debt instruments are available for settlement and the dates and period for the determination of the principal venue for a share according to Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps
July 3 Law of 3 July 2012: transposing Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market;
- amending the law of 10 July 2005 on prospectuses for securities - amending the law of 11 January 2008 on transparency
requirements in relation to information about issuers whose securities are admitted to trading on a regulated market
5 Commission Delegated Regulation (EU) No 918/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to definitions, the calculation of net short positions, covered sovereign credit default swaps, notification thresholds, liquidity thresholds for suspending restrictions, significant falls in the value of financial instruments and adverse events
5 Commission Delegated Regulation (EU) No 919/2012 of 5 July 2012 supplementing Regulation (EU) No 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps with regard to regulatory technical standards for the method of calculation of the fall in value for liquid shares and other financial instruments
6 Circular CSSF 12/539: Technical specifications regarding the submission to the CSSF of documents under the law on prospectuses for securities and general overview of the aforementioned law
9 Circular CSSF 12/540: Non-launched compartments,
compartments awaiting reactivation and compartments in liquidation
54 FactBook 2013
10 Regulation of the “Banque centrale du Luxembourg” 2012/ N° 11 on the monitoring of central counterparties and trade repositories in Luxembourg amending the amended regulation the “Banque centrale du Luxembourg” 2012/ N ° 6 of 8 September 2010 on the monitoring of payment systems, settlement systems securities and payment instruments in Luxembourg
17 Circular CSSF 12/542: Amendment to Circular CSSF 08/337 concerning the entry into force of the law of 11 January 2008 and of the Grand-ducal regulation of 11 January 2008 on transparency requirements for issuers of securities
18 Circular CSSF 12/544: Optimisation of the supervision exercised on the "support PFS" by a risk-based approach
21 Law of 21 July 2012 on mandatory squeeze-out and sell-out of securities of companies currently admitted or previously admitted to trading on a regulated market or having been offered to the public and amending the law of 23 December 1998 establishing a financial sector supervisory commission
August 13 CSSF Regulation N° 12-01 laying down detailed rules for the application of Article 42a of the law of 13 February 2007 relating to specialised investment funds concerning the requirements regarding risk management and conflicts of interest
September 12 Regulation of the “Banque centrale du Luxembourg” 2012/ N° 12 implementing the Guideline of the European Central Bank of 2 August 2012 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and amending Guideline ECB/2007/9 (ECB/2012/18)
29 Grand-ducal regulation relating to the fees to be levied by the Commission de Surveillance du Secteur Financier
October 1 Circular CSSF 12/545: Entry into force of the law of 21 July 2012 on mandatory squeeze-out and sell-out of securities of companies currently admitted or previously admitted to trading on a regulated market or having been offered to the public
24 Circular CSSF 12/546: Authorisation and organisation of the Luxembourg management companies subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment as well as to investment companies which have not designated a management company within the meaning of Article 27 of the Law of 17 December 2010 relating to undertakings for collective investment
31 Circular CSSF 12/548: Entry into force of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps and details on certain practical aspects of notification, disclosure and exemption procedures
Laws and regulations
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November 9 Circular CSSF 12/549: Technical specifications regarding the submis-sion to the CSSF of documents under the law on prospectuses for securities for offers to the public of units or shares of Luxembourg closed-end undertakings for collective investment and/or admis-sions of units or shares of Luxembourg closed-end undertakings for collective investment to trading on a regulated market.
9 Regulation of the “Banque centrale du Luxembourg” 2012/ N° 13 implementing the Guideline of the European Central Bank of 10 October 2012 amending Guideline ECB/2012/18 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2012/23)
December 14 CSSF Regulation N°12-02 of 14 December 2012 on the fight against money laundering and terrorist financing
21 Law of 21 December 2012 relating to the Family Office activity
24 Circular CSSF 12/553: Update of table B 4.5 "Analysis of shareholdings"
2013 January 7 Circular CSSF 13/554: Evolution of the usage and control of tools for managing information technology resources and the management of access to these resources
8 Circular CSSF 13/555: Implementation of the decision made by the board of directors of the Association pour la Garantie des Dépôts, Luxembourg (Luxembourg deposit guarantee scheme; AGDL) to introduce a "Single Customer View" file in the framework of the deposit guarantee
21 Circular letter relating to the entry into force of the law of 21 December 2012 relating to the Family Office activity
23 Circular CSSF 13/557: Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
February 18 Circular CSSF 13/559: ESMA guidelines on ETF’s and other UCITS issues
19 Circular CSSF 13/560: Addition of an Annex IV to Circular CSSF 07/307, transposing the guidelines of the European Securities and Markets Authority (ESMA) concerning Chapter 6 - Suitability test - of Circular CSSF 07/307
March 7 Regulation of the “Banque centrale du Luxembourg” 2013/ N° 14 implementing the Guideline of the European Central Bank of 23 January 2013 amending Guideline ECB/2012/18 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2013/2)
19 Circular CSSF 13/563 updating Circular CSSF 12/552 on the central administration, internal governance and risk management
28 Circular CSSF 13/564 concerning the modification of the statistical data collection for money market funds and non-money market funds
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April 6 Law of 6 April 2013 on dematerialised securities, introducing substantial changes to Luxembourg's securities legislation
57FactBook 2013
History of the euro and measures governing its launch 1951 April 18 Signature of the Treaty of Paris establishing the European Coal and
Steel Community (ECSC).
1952 May 27 The Treaty of Paris came into force.
1957 March 25 Signature of the Treaties of Rome establishing the European Economic Community (EEC) and the European Atomic Energy Community (Euratom).
1958 January 1 The Treaties of Rome came into force.
1967 July 1 Merger of the institutions of the 3 Communities ECSC, EEC, Euratom.
1970 Werner Plan for the step by step completion of the European Economic and Monetary Union.
1972 April 24 Creation of the European Monetary Snake, which harmonised fluctuations among the European currencies by limiting movements within a narrow band.
1975 Launch of the European Unit of Account, predecessor of the ECU.
1979 March 13 Adoption of the European Monetary System EMS and creation of the European Currency Unit ECU.
1986 February 17+28 Signature of the Single European Act fixing the year 1992 for the Single Market coming into force.
1987 July 1 Entry into force of the Single Act.
1989 Delors Plan for the completion of the European Monetary Union (EMU) in 3 stages.
1990 July 1 Start of stage I of the EMU.
1992 February 7 Signature of the Maastricht Treaty on the European Union.
1993 January 1 Introduction of the Single Market and of the European Economic Area.
1994 January 1 • StartofstageIIoftheEMU • EstablishmentoftheEuropeanMonetaryInstitute(EMI).
1995 December 15, 16 The Madrid European Council selected “euro” as name for the European currency.
Euro history and provisions
58 FactBook 2013
1996 December 13, 14 The Dublin Summit defined the legal statute of the euro and prepared the ERM II, that will govern the relations between the currencies of the participating countries and the other European currencies.
1997 June 17 Regulation 1103/97 of EC Council fixing some dispositions relating to the introduction of the euro. It provides the legal framework for the use of the euro, which from January 1, 1999 will become a currency in its own right. The official Ecu basket will cease to exist.
October 2 Signature of the Amsterdam Treaty amending the Treaty on the European Union, the Treaties establishing the European Communities and certain related acts.
1998 May 2, 3 • TheEuropeanCouncildrewupthelistofthe11MemberStateswhich will take part in the Monetary Union on January 1, 1999.
• Announcementofbilateralparitiesbetweenthecurrenciesofthe countries taking part in the Monetary Union.
• EstablishmentoftheEuropeanSystemofCentralBanks(ESCB),uniting the national central banks and the European Central Bank (ECB).
• Regulation974/98oftheECCouncilontheintroductionoftheeuro.
July 1 Establishment of the ECB, that succeeds the EMI.
December 31 Fixing of the irrevocable parities at which the 11 participating national currencies convert to the euro. Fixing of the value of the euro on the basis of 1 euro = 1 ECU.
1999 January 1 • StartofstageIIIoftheEMU. • Launchoftheeurothatbecamethesolecurrencyfortheeuro-
zone economy. National denominations became odd-numbered sub-units of the euro.
• TheECBbecamethecentralbankforthe11participatingcountries and conducts the single monetary policy whose implementation will be ensured by the national central banks within the framework of the ESCB.
January 4 First quotation in euro on the foreign exchange and capital markets.
2002 January 1 Greece becomes the 12th Member State to join EMU Completion of the changeover to the euro in the euro-zone countries.
2005 January 1 Mr. Jean-Claude Juncker, Luxembourg Prime Minister and Minister of Finance, elected President of the Eurogroup for a two-year term.
2007 January 1 • Sloveniabecomesthe13thMemberStatetojoinEMU. • Mr.Jean-ClaudeJunckerreelectedPresidentoftheEurogroup
for a new term of two years ending December 31, 2008.
December 13 Signature of the Lisbon Treaty, amending the Treaty on European Union (Maastricht, 1992) and the Treaty establishing the European Community (Rome, 1957).
Euro history and provisions
59FactBook 2013
2008 January 1 Cyprus and Malta join the third stage of the EMU, being the 14th and 15th Member States.
2009 January 1 • SlovakiajoinstheEurozone,beingthe16thEMUMemberState • Mr.Jean-ClaudeJunckerreelectedpresidentoftheEurogroup
for a third term of two years ending December 31, 2010.
November 19 Herman van Rompuy elected President of the European Council and Catherine Ashton High Representative of the Union for Foreign Affairs and Security Policy and Vice-president of the European Commission.
December 1 Entry into force of the Lisbon Treaty signed by the EU member states on 13 December 2007.
2010 January 18 The Eurogroup reelected Jean-Claude Juncker as its president for a term of two and a half years.
2011 January 1 Estonia joins the Eurozone, being the 17th EMU Member State.
2012 July 9 The Eurogroup reelected Jean-Claude Juncker as its president.
2013 January 21 The Eurogroup elected Jeroen Dijsselbloem as its president.
60 FactBook 2013
61FactBook 2013
1 The official list 631.1 Listings 631.2 Ten-year listing evolution 63
2 Bonds 642.1 Bond listings 642.2 New bond listings by currency 642.3 The euro-denominated bond market 65
2.3.1 Euro-denominated bond listings 652.3.2 Largest issuers of euro-denominated bonds in 2012 65
2.4 Bond issuance by domestic companies 662.4.1 Listings 662.4.2 Listed Luxembourg government bonds 662.4.3 Lettres de gage issued by Luxembourg mortgage banks 66
2.5 Evolution of bond yields (long term) 672.6 Most traded bonds 67
3 Luxembourg stock indices 683.1 The LuxX 68
3.1.1 Index constituents (as of January 2, 2013) 683.1.2 Index values 683.1.3 LuxX Price index evolution in 2012 69
3.2 The Lux General 693.2.1 Major index constituents (as of December 31, 2012) 693.2.2 Index values 703.2.3 Lux General Price index evolution in 2012 70
3.3 The Lux GDRs India 713.3.1 Major index constituents (as of December 31, 2012) 713.3.2 Index values 713.3.3 Lux GDRs India index evolution in 2012 72
3.4 The Lux GDRs Taiwan 723.4.1 Major index constituents (as of December 31, 2012) 723.4.2 Index values 733.4.3 Lux GDRs Taiwan index evolution in 2012 73
4 Stocks and shares 744.1 Stock and share listings 744.2 New companies listed in 2012 744.3 Stock and share turnover 754.4 Largest domestic companies 754.5 Domestic market capitalisation 754.6 Most traded domestic stocks 764.7 Global Depositary Receipts (GDRs) 76
4.7.1 Geographical origin of listed depositary receipts 764.7.2 Market capitalisation of depositary receipts 774.7.3 Most traded depositary receipts 774.7.4 Listings 78
5 UCIs 825.1 Net assets of Luxembourg UCIs 825.2 Listings 825.3 New UCIs listed in 2012 (legal entities) 835.4 UCI turnover 845.5 Most traded UCIs 84
Statistics
62 FactBook 2013
6 Warrants 856.1 Listings 856.2 Ten-year listing evolution 85
7 Precious metals 867.1 Gold prices 86
7.1.1 Ingot price evolution in 2012 867.1.2 Bar price evolution in 2012 87
7.2 Silver prices 877.2.1 Ingot price evolution in 2012 887.2.2 Bar price evolution in 2012 88
63FactBook 2013
1 The official list
1.1 Listings2012 2011
Total Regulated
Market
Euro MTF
Market
Total Regulated
Market
Euro MTF
Market
Bonds 27,839 24,233 3,606 29,243 25,473 3,770EUR 16,516 15,706 810 17,541 16,686 855USD 6,976 4,786 2,190 7,222 5,010 2,212Others 4,347 3,741 606 4,480 3,777 703
Shares 336 71 265 340 78 262Domestic 29 24 5 31 26 5Foreign 307 47 260 309 52 257
UCIs 6,342 6,243 99 6,440 6,328 112Domestic 6,218 6,179 39 6,244 6,198 46Foreign 124 64 60 196 130 66
Warrants & others 7,544 5,350 2,194 8,346 6,068 2,278
Total 42,061 35,897 6,164 44,369 37,947 6,422
1.2 Ten-year listing evolutionTotal Bonds Stocks UCIs Warrants % Bonds/
Total
2003 29,101 21,284 268 5,754 1,795 73.14%2004 33,022 24,292 261 6,055 2,414 73.56%2005 36,054 26,782 279 6,172 2,821 74.28%2006 39,860 28,625 292 6,887 4,056 71.81%2007 45,573 31,469 292 7,372 6,440 69.05%2008 49,097 32,933 290 8,133 7,741 67.08%2009 45,660 30,805 293 7,285 7,277 67.47%2010 44,916 29,566 324 7,445 7,581 65.83%2011 44,369 29,243 340 6,440 8,346 65.91%2012 42,061 27,839 336 6,342 7,544 66.19%
0
7,500
15,000
22,500
30,000
37,500
45,000
52,500
Stocks/UCIs/Warrants
Bonds
Quo
tatio
n lin
es
20122003 2004 2005 2006 2007 2008 2009 2010 2011
64 FactBook 2013
2.1 Bond listings2012 2011
New listings Quotation
lines
New listings Quotation
lines
Currency Number Amount
issued
(EUR million)
Total Number Amount
issued
(EUR million)
Total
EUR 2,811 711,713.27 16,516 3,372 504,620.52 17,541
USD 1,599 359,447.57 6,976 1,549 314,923.18 7,222
AUD 91 5,846.22 435 51 4,162.80 449
BRL 29 3,151.74 78 17 1,412.30 68
CAD 23 27,333.64 153 15 30,463.05 149
CHF 18 1,204.40 108 32 959.38 165
CNY 19 1,427.82 27 9 683.78 9
GBP 209 47,953.97 1,404 240 31,306.90 1,439
JPY 35 2,574.85 267 66 2,134.11 311
MXN 10 1,281.20 69 8 369.61 78
NOK 78 7,119.80 271 76 7,337.17 227
NZD 19 1,290.30 92 15 675.86 96
RUB 45 1,156.16 101 84 844.68 111
SEK 154 7,586.64 564 238 9,321.76 526
TRY 18 1,614.49 96 28 1,169.96 101
ZAR 28 1,252.31 92 9 411.48 75
Others 88 2,711.76 590 112 4,182.76 676
Total 5,274 1,184,666.14 27,839 5,921 914,979.30 29,243
2.2 New bond listings by currency
2012
USD30.32%
Others16.38%
EUR53.30%
2011
USD26.16%
Others16.89%
EUR56.95%
2 Bonds
Statistics
65FactBook 2013
2.3 The euro-denominated bond market
2.3.1 Euro-denominated bond listings
Year New listings Total listings % of total
bond listingsIssues (EUR million) Issues (EUR million)
2008 4,307 577,673.95 19,674 2,949,941.45 59.74%2009 3,052 602,368.77 18,593 3,126,930.67 60.36%2010 3,155 496,179.13 17,860 3,122,240.89 60.41%2011 3,372 504,620.52 17,541 3,120,820.90 59.98%2012 2,811 711,713.27 16,516 3,279,007.47 59.33%
Newly listed euro-denominated bonds by amount issued
Listed euro-denominated bonds by amount outstanding
20122008 2009 2010 2011
Amount issued (EUR billion)
460
500
540
580
620
660
700
740
20122008 2009 2010 2011
Amount outstanding (EUR billion)
2,900
2,960
3,020
3,080
3,140
3,200
3,260
3,320
2.3.2 Largest issuers of euro-denominated bonds in 2012
Issuer Number of issues Amount issued
(EUR million)
European Financial Stability Facility 27 180,843.60 Intesa Sanpaolo 33 34,765.73 European Stability Mechanism 3 30,500.00 UniCredit 35 24,589.09 European Investment Bank 11 21,450.00 European Union 6 15,800.00 Instituto de Crédito Oficial 12 12,739.39 Santander International Debt 21 9,609.54 DnB Boligkreditt 11 6,880.00 Volkswagen International Finance 13 6,860.00 SG Option Europe 223 6,842.88 ING Bank 59 6,126.30 Snam 6 6,000.00 Nederlandse Waterschapsbank 13 5,774.00 Rabobank Nederland 11 5,651.00
66 FactBook 2013
2.4 Bond issuance by domestic companies
2.4.1 Listings
Year New listings Total listings % of total
bond listingsIssues (EUR million) Issues (EUR million)
2008 629 27,644.18 2,292 156,255.31 6.96%2009 479 35,006.15 2,175 154,748.67 7.06%2010 451 35,145.62 2,086 157,935.73 7.06%2011 496 49,700.60 2,042 170,720.35 6.98%2012 313 244,729.11 1,624 323,462.04 5.83%
Newly listed domestic bonds by amount issued
Listed domestic bonds by amount outstanding
20122008 2009 2010 2011
Amount outstanding (EUR billion)
130
160
190
220
250
280
310
340
20122008 2009 2010 2011
Amount issued (EUR billion)
0
40
80
120
160
200
240
280
2.4.2 Listed Luxembourg government bonds
Currency Issue Amount issued
(EUR million)
Amount outstanding
(EUR million)
Listing date
EUR Luxembourg 3.75% 2013 2,000.00 2,000.00 4/12/2008EUR Luxembourg 3.375% 2020 2,000.00 2,000.00 18/05/2010EUR Luxembourg 2.25% 2022 1,000.00 1,000.00 21/03/2012
2.4.3 Lettres de gage issued by Luxembourg mortgage banks
Year New listings Amount issued
(EUR million)
Quotation lines Amount outstanding
(EUR million)
2008 22 3,207.23 108 20,202.422009 27 2,665.17 116 18,559.442010 24 3,431.28 112 16,608.722011 11 2,436.01 114 14,521.172012 8 2,486.27 108 14,649.49
Statistics
67FactBook 2013
2.5 Evolution of bond yields (long term)
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
EUR
USD
2011 2012
1.70%
2.10%
2.50%
2.90%
3.30%
3.70%
4.10%
4.50%
2.6 Most traded bonds
Currency Issue Nominal value
(in million)
Turnover
(EUR million)
CHF Generali (Schweiz) Holding 4% 2012 50.00 41.49EUR Generali Finance 5.479% (perp.) 54.95 39.58EUR Banco Português do Atlântico 5.802% (perp.) 34.91 31.25EUR Generali Finance 5.317% (perp.) 28.75 21.16EUR Luxembourg 3.75% 2013 9.08 9.51EUR Alcatel-Lucent 6.375% 2014 4.42 4.47EUR Caixa Geral de Depósitos 1.302% 2017 5.00 4.29EUR Air France-KLM 6.75% 2016 3.50 3.61EUR Bombardier 7.25% 2016 2.52 2.64EUR British Airways Finance (Jersey) 6.75% (perp.) 0.15 2.49EUR Nordex 6.375% 2016 2.21 2.14EUR Luxembourg 3.375% 2020 1.71 1.91EUR Allianz 5.5% (perp.) 1.80 1.75EUR Repsol International Finance 4.625% 2014 1.64 1.68EUR INEOS Group Holdings 7.875% 2016 1.71 1.65
68 FactBook 2013
3.1 The LuxX
The LuxX index was launched with a base level of 1,000 on January 4, 1999. It is an open index which relies on a basket of easily tradable securities meeting the entry requirements.
3.1.1 Index constituents (as of January 2, 2013)
Company Currency Price
31/12/2012
Shares/
Basket
Weight
%
Aperam EUR 11.400 241 7.38%ArcelorMittal EUR 12.935 577 20.00%BIP Investment Partners EUR 54.990 15 2.08%Foyer EUR 47.000 7 0.84%KBC Group EUR 26.085 141 9.79%Luxempart EUR 24.940 46 3.02%Reinet Investments EUR 13.830 534 20.00%RTL Group EUR 75.500 62 12.67%SES EUR 21.700 342 20.00%Socfinaf EUR 19.900 39 2.17%Socfinasia EUR 29.980 26 2.05%
3.1.2 Index values
Price index Return index
2012 Lowest Highest Lowest Highest
Year start 1,149.56 1,545.61January 1,134.27 1,232.08 1,525.04 1,656.56February 1,203.54 1,274.22 1,618.18 1,713.22March 1,203.05 1,276.28 1,621.50 1,720.19April 1,115.47 1,225.50 1,529.73 1,651.76May 1,060.97 1,153.25 1,462.27 1,581.54June 1,051.19 1,145.94 1,448.80 1,581.75July 1,131.49 1,200.93 1,561.81 1,657.66August 1,167.03 1,234.47 1,610.87 1,707.47September 1,172.91 1,240.37 1,623.15 1,716.50October 1,193.29 1,228.68 1,652.94 1,700.32November 1,189.19 1,234.40 1,648.73 1,715.83December 1,225.96 1,259.78 1,704.10 1,751.11Year close 1,248.00 1,734.74
Base level: 1,000 as at January 4, 1999
3 Luxembourg stock indices
Statistics
69FactBook 2013
3.1.3 LuxX Price index evolution in 2012
1,025
1,065
1,105
1,145
1,185
1,225
1,265
1,305
1 3 42 5 6 7 98 10 11 12
3.2 The Lux General
The Lux General index is a weighted capitalisation index which comprises all the listed Luxembourg shares.
3.2.1 Major index constituents (as of December 31, 2012)
Company Currency Price
31/12/2012
Market cap.
(EUR million)
Weight
%
ArcelorMittal EUR 12.935 20,190.43 37.84%RTL Group EUR 75.500 11,686.46 21.90%SES EUR 21.700 10,988.88 20.60%Reinet Investments EUR 13.830 2,709.87 5.08%Plantations des Terres Rouges EUR 1,371.000 1,556.46 2.92%Espirito Santo Financial Group EUR 5.270 1,091.29 2.05%Aperam EUR 11.400 889.77 1.67%Socfinasia EUR 29.980 601.10 1.13%Luxempart EUR 24.940 597.44 1.12%Quilvest USD 107.950 544.82 1.02%Société Financière des Caoutchoucs EUR 35.000 498.40 0.93%Foyer EUR 47.000 422.95 0.79%Socfinaf EUR 19.900 325.96 0.61%Saint Croix Holding Immobilier EUR 60.760 270.52 0.51%Gefinor USD 8.640 262.06 0.49%
70 FactBook 2013
3.2.2 Index values
Price index Return index
2012 Lowest Highest Lowest Highest
Year start 853.34 1,145.20January 842.51 898.42 1,130.67 1,205.71February 867.34 922.06 1,163.99 1,237.43March 846.09 903.13 1,139.63 1,216.45April 772.93 857.51 1,063.22 1,155.01May 738.46 801.53 1,020.59 1,102.56June 729.14 780.40 1,007.71 1,079.92July 780.47 825.97 1,080.02 1,142.98August 790.85 838.78 1,094.38 1,165.39September 790.56 839.47 1,098.40 1,166.35October 797.38 837.49 1,107.87 1,163.60November 807.39 839.03 1,127.58 1,167.07December 820.73 854.18 1,146.20 1,192.92Year close 845.19 1,180.36
Base level: 1,000 as at January 4, 1999
3.2.3 Lux General Price index evolution in 2012
700
735
770
805
840
875
910
945
1 3 42 5 6 7 98 10 11 12
Statistics
71FactBook 2013
3.3 The Lux GDRs India
The Lux GDRs India index was launched with a base level of 1,000 on January 1, 2009. It is a weighted capitalisation index which comprises all the Indian GDRs listed on the Luxembourg Stock Exchange.
3.3.1 Major index constituents (as of December 31, 2012)
Company Currency Price
31/12/2012
Market cap.
(EUR million)
Weight
%
Reliance Industries USD 30.540 3,051.84 25.01%Larsen & Toubro USD 29.220 959.95 7.87%ITC USD 5.219 954.85 7.83%Tata Motors USD 28.425 644.55 5.28%Mahindra & Mahindra USD 16.925 515.76 4.23%Grasim Industries USD 115.100 458.90 3.76%Hindalco Industries USD 2.376 415.23 3.40%IndusInd Bank USD 7.585 372.02 3.05%Tata Power USD 1,827.280 369.82 3.03%Indiabulls Financial Services USD 4.973 275.82 2.26%HDFC Bank USD 6.176 272.32 2.23%Kotak Mahindra Bank USD 11.820 268.88 2.20%Ambuja Cements USD 3.657 251.65 2.06%United Spirits USD 17.280 229.34 1.88%LIC Housing Finance USD 10.605 201.04 1.65%
3.3.2 Index values
Price index
2012 Lowest Highest
Year start 997.12January 997.12 1,231.94February 1,192.22 1,305.24March 1,134.08 1,271.99April 1,146.35 1,201.26May 1,033.80 1,139.01June 1,056.43 1,137.48July 1,124.90 1,186.61August 1,138.61 1,205.25September 1,122.92 1,280.25October 1,236.95 1,334.77November 1,205.63 1,282.26December 1,258.36 1,317.45Year close 1,275.18
Base level: 1,000 as at January 1, 2009
72 FactBook 2013
3.3.3 Lux GDRs India index evolution in 2012
975
1,030
1,085
1,140
1,195
1,250
1,305
1,360
1 3 42 5 6 7 98 10 11 12
3.4 The Lux GDRs Taiwan
The Lux GDRs Taiwan index was launched with a base level of 1,000 on January 1, 2009. It is a weighted capitalisation index which comprises all the Taiwanese GDRs listed on the Luxembourg Stock Exchange.
3.4.1 Major index constituents (as of December 31, 2012)
Company Currency Price
31/12/2012
Market cap.
(EUR million)
Weight
%
China Steel USD 18.830 1,779.38 25.05%First Financial Holding USD 12.185 519.68 7.32%Cathay Financial Holding USD 10.845 421.59 5.94%Wintek USD 2.651 358.98 5.05%Wistron USD 10.360 333.18 4.69%Far EasTone Telecommunications USD 38.265 290.15 4.08%KGI Securities USD 9.708 250.56 3.53%Shin Kong Financial Holding USD 7.048 224.93 3.17%Delta Electronics USD 18.330 222.38 3.13%HTC USD 41.380 215.80 3.04%Epistar USD 9.071 185.71 2.61%Walsin Lihwa USD 3.415 164.92 2.32%E.Sun Financial Holding USD 13.985 160.55 2.26%Compal Electronics USD 3.365 155.69 2.19%WIN Semiconductors USD 5.628 136.56 1.92%
Statistics
73FactBook 2013
3.4.2 Index values
Price index
2012 Lowest Highest
Year start 1,148.74January 1,148.74 1,256.92February 1,275.02 1,366.34March 1,270.64 1,373.60April 1,218.67 1,286.72May 1,196.60 1,278.78June 1,159.33 1,206.35July 1,130.23 1,218.13August 1,112.44 1,166.69September 1,086.94 1,163.44October 1,004.70 1,146.33November 1,016.82 1,079.36December 1,080.25 1,115.28Year close 1,114.57
Base level: 1,000 as at January 1, 2009
3.4.3 Lux GDRs Taiwan index evolution in 2012
975
1,035
1,095
1,155
1,215
1,275
1,335
1,395
1 3 42 5 6 7 98 10 11 12
74 FactBook 2013
4.1 Stock and share listings
2012 New listings Delistings Quotation lines Number of
companies
Market cap.
(EUR million)
Domestic 1 3 29 26 53,351.66Foreign 15 17 307 268 222,153.38
Total 16 20 336 294 275,505.04
2011 New listings Delistings Quotation lines Number of
companies
Market cap.
(EUR million)
Domestic 2 3 31 28 52,093.40Foreign 31 14 309 271 190,666.79
Total 33 17 340 299 242,760.19
4.2 New companies listed in 2012
Domestic Stocks Type Listing dateFotex Holding 70,723,650 ACT 23/02/2012
Foreign Stocks Type Country of origin Listing dateChailease Holding Co. Ltd 24,000,000 GDS Cayman Islands 15/10/2012FIDUCIAL Office Solutions 2,169,232 ACT France 17/09/2012Industrial Investment Trust Ltd 4,888,775 GDS India 18/06/2012Parade Technologies Ltd 5,248,000 GDS Cayman Islands 24/07/2012Raj Oil Mills Ltd 700,000 GDS India 27/07/2012TPK Holding Co. Ltd 17,600,000 GDS Cayman Islands 2/10/2012WIN Semiconductors Corp. 32,000,000 GDS Taiwan 9/10/2012
4 Stocks and shares
Statistics
75FactBook 2013
4.3 Stock and share turnover
2012 Number of
trades
Number of
shares traded
Turnover
(EUR million)
Weight
%
Domestic 10,310 10,188,260 87.16 85.48%Foreign 677 13,439,121 14.81 14.52%
Total 10,987 23,627,381 101.97 100.00%
2011 Number of
trades
Number of
shares traded
Turnover
(EUR million)
Weight
%
Domestic 8,699 9,117,721 94.54 84.38%Foreign 774 39,006,542 17.50 15.62%
Total 9,473 48,124,263 112.04 100.00%
4.4 Largest domestic companies
Company Market cap.
(EUR million)
Currency Price
31/12/2012
Price
30/12/2011
Variation
%
ArcelorMittal 20,190.43 EUR 12.935 14.060 -8.00%RTL Group 11,686.46 EUR 75.500 75.000 +0.67%SES 10,988.88 EUR 21.700 18.410 +17.87%Reinet Investments 2,709.87 EUR 13.830 13.735 +0.69%Plantations des Terres Rouges 1,556.46 EUR 1,371.000 923.000 +48.54%Espirito Santo Financial Group 1,091.29 EUR 5.270 5.150 +2.33%Aperam 889.77 EUR 11.400 10.850 +5.07%Socfinasia 601.10 EUR 29.980 24.100 +24.40%Luxempart 597.44 EUR 24.940 22.840 +9.19%Quilvest 544.82 USD 107.950 110.000 -1.86%Société Financière des Caoutchoucs 498.40 EUR 35.000 27.500 +27.27%Foyer 422.95 EUR 47.000 44.000 +6.82%Socfinaf 325.96 EUR 19.900 19.000 +4.74%Saint Croix Holding Immobilier 270.52 EUR 60.760 60.100 +1.10%Gefinor 262.06 USD 8.640 8.640 0.00%
4.5 Domestic market capitalisation
20
35
50
65
80
95
110
125
Mar
ket c
ap. (
EUR
billi
on)
20122003 2004 2005 2006 2007 2008 2009 2010 2011
Market cap.(EUR billion)
76 FactBook 2013
4.6 Most traded domestic stocks
Currency Stocks Number of
shares traded
Number of
trades
Turnover
(EUR million)
EUR Socfinasia 648,809 2,085 19.42EUR Socfinaf 711,069 2,217 15.56EUR Reinet Investments 988,624 2,091 13.77EUR Luxempart 431,559 1,168 9.95EUR SES 462,505 440 8.56USD Acheron Portfolio - Cl. A 3,579,468 43 4.39EUR BIP Investment Partners 78,376 605 4.06EUR Société Financière des Caoutchoucs 97,514 329 3.19EUR RTL Group 33,072 196 2.46EUR Fotex Holding 2,306,941 300 1.40EUR ArcelorMittal 83,965 157 1.12EUR Foyer 18,638 102 0.83USD Quilvest 9,592 291 0.80EUR IdB Holdings 78,140 92 0.51USD Acheron Portfolio - Cl. B 616,878 7 0.46
4.7 Global Depositary Receipts (GDRs)
4.7.1 Geographical origin of listed depositary receipts
Country of origin Quotation lines Number of
companies
Market cap.
(EUR million)
Weight
%
Argentina 1 1 287.67 0.63%Brazil 1 1 1,814.79 3.97%British Virgin Islands 1 1 47.01 0.10%Cayman Islands 6 3 474.38 1.03%Colombia 1 1 27.07 0.06%Cyprus 3 1 1,285.36 2.81%Hungary 3 3 3,089.65 6.75%India 182 169 12,201.66 26.66%Japan 2 2 325.91 0.71%Kazakhstan 6 2 211.71 0.46%Korea 12 10 17,945.26 39.21%Lebanon 1 1 445.46 0.97%Pakistan 1 1 117.97 0.26%Sri Lanka 1 1 7.83 0.02%Taiwan 60 49 7,103.07 15.52%Thailand 1 1 0.14 0.00%Turkey 1 1 352.66 0.77%United Kingdom 1 1 31.94 0.07%
Total 284 249 45,769.54 100.00%
Statistics
77FactBook 2013
4.7.2 Market capitalisation of depositary receipts
Market cap.(EUR billion)
Quotation lines
Mar
ket c
ap.
(EU
R bi
llion
)
Quo
tatio
n lin
es
20122003 2004 2005 2006 2007 2008 2009 2010 201118
24
30
36
42
48
54
60
144
166
188
210
232
254
276
298
4.7.3 Most traded depositary receipts
Currency Depositary receipt Number of
shares traded
Turnover
(EUR million)
USD Vedanta Resources 680,518 3.25USD Exelor 117,700 2.23USD Catcher Technology - Reg S 58,721 1.63USD ITC 373,560 1.26USD Grasim Industries 15,233 0.64USD Granules India 485,040 0.48USD HTC 9,373 0.48USD Samsung Electronics 1,498 0.39USD Samsung SDI 11,400 0.33USD UltraTech Cement - Level 1 13,675 0.31USD Wockhardt 19,000 0.28USD Pegatron - Reg S 45,400 0.24USD Ambuja Cements 85,583 0.21USD Jindal Cotex 52,700 0.19USD Kotak Mahindra Bank 21,200 0.17
78 FactBook 2013
4.7.4 Listings
Issuer Country of origin Listing date
ABL Biotechnologies Ltd India 24/06/08Accton Technology Corp. Taiwan 17/02/97Aditya Birla Nuvo Ltd India 3/02/94Aftek Ltd India 10/02/03Aksh Optifibre Ltd India 14/01/08Alliance Bank JSC Kazakhstan 2/09/10Ambuja Cements Ltd India 3/05/94Anant Raj Ltd India 29/02/08Apollo Hospitals Enterprise Ltd India 18/07/05Aqua Logistics Ltd India 11/02/11Arvind Ltd India 17/02/94Asahi Infrastructure & Projects Ltd India 29/04/09Ashco Niulab Industries Ltd India 19/04/10Avon Corp. Ltd India 24/06/09B.A.G. Films & Media Ltd India 18/02/10Bajaj Hindusthan Ltd India 13/05/05Ballarpur Industries Ltd India 19/11/03Banque du Liban et d'Outre-Mer S.A.L. Lebanon 27/01/98Beckons Industries Ltd India 14/07/08Bharat Forge Ltd India 20/04/05Bharat Hotels Ltd India 23/05/96Bhoruka Aluminium Ltd India 6/12/10Birla Cotsyn (India) Ltd India 16/03/10Birla Power Solutions Ltd India 28/01/10Birla Shloka Edutech Ltd India 9/08/10Bombay Dyeing & Manufacturing Co. Ltd India 2/12/93Brushman (India) Ltd India 31/07/08BSEL Infrastructure Realty Ltd India 11/04/06BTA Bank JSC Kazakhstan 22/02/11Cals Refineries Ltd India 14/12/07CAT Technologies Ltd India 30/07/07Catcher Technology Co. Ltd Taiwan 8/06/11Cathay Financial Holding Co. Ltd Taiwan 4/08/03Century Textiles & Industries Ltd India 28/09/94CESC Ltd India 26/04/94Chailease Holding Co. Ltd Cayman Islands 15/10/12China Steel Corp. Taiwan 10/02/97Chromatic India Ltd India 27/10/10Chunghwa Picture Tubes Ltd Taiwan 8/10/03Cipla Ltd India 18/04/06CMC Magnetics Corp. Taiwan 9/10/03Commex Technology Ltd India 27/05/09Compal Electronics Inc. Taiwan 19/11/99Companhia Brasileira de Distribuição Brazil 3/10/95Coral Hub Ltd India 25/03/09Corporacion Financiera Colombiana S.A. Colombia 24/02/93Country Club India Ltd India 16/01/08Cox & Kings Ltd India 25/08/10Cranes Software International Ltd India 23/04/04Crest Animation Studios Ltd India 23/01/04Crew B.O.S. Products Ltd India 28/07/05Cybermate Infotek Ltd India 1/10/07Daewoo Shipbuilding & Marine Engineering Co. Ltd Korea (Rep. of) 10/06/03DCW Ltd India 1/06/94Delta Electronics Inc. Taiwan 31/03/05Dish TV India Ltd India 1/12/09E Ink Holdings Inc. Taiwan 11/12/09E.Sun Financial Holding Co. Ltd Taiwan 30/09/04EdServ SoftSystems Ltd India 11/08/11Elder Pharmaceuticals Ltd India 5/05/04Empower India Ltd India 15/09/08ENlight Corp. Taiwan 23/12/02Epistar Corp. Taiwan 22/09/09Exelor Ltd British Virgin Islands 22/12/08Far Eastern New Century Corp. Taiwan 26/10/99Far EasTone Telecommunications Co. Ltd Taiwan 15/06/04
Statistics
79FactBook 2013
Issuer Country of origin Listing date
Farmax India Ltd India 30/06/10FCS Software Solutions Ltd India 11/12/09Financial Technologies (India) Ltd India 11/10/07Finolex Cables Ltd India 27/07/94First Financial Holding Co. Ltd Taiwan 29/07/03Gammon India Ltd India 26/01/05Giga-Byte Technology Co. Ltd Taiwan 17/07/00Glory Polyfilms Ltd India 24/02/10Granules India Ltd India 14/02/05Grasim Industries Ltd India 9/12/92Great Eastern Shipping Co. Ltd (The) India 22/02/94Green Energy Technology Inc. Taiwan 5/08/09Gujarat Narmada Valley Fertilizers and Chemicals Ltd India 13/10/94GV Films Ltd India 25/04/06HannStar Display Corp. Taiwan 5/08/03HDFC Bank Ltd India 17/02/09Himachal Futuristic Communications Ltd India 5/09/02Hindalco Industries Ltd India 30/07/93Hinduja Foundries Ltd India 25/04/08Hindustan Construction Co. Ltd India 3/04/06Hiran Orgochem Ltd India 25/05/10HTC Corp. Taiwan 19/11/03Hub Power Co. Ltd Pakistan 28/11/94Hyundai Motor Co. Ltd Korea (Rep. of) 23/11/92Hyundai Steel Co. Korea (Rep. of) 16/10/03IKF Technologies Ltd India 2/04/07India Cements Ltd (The) India 18/10/94Indiabulls Financial Services Ltd India 3/03/05Indiabulls Real Estate Ltd India 7/06/07Indiabulls Securities Ltd India 16/07/08Indo Rama Synthetics (India) Ltd India 29/03/96Indowind Energy Ltd India 16/05/11Ind-Swift Laboratories Ltd India 17/08/05IndusInd Bank Ltd India 30/03/07Industrial Bank of Korea Korea (Rep. of) 19/12/03Industrial Investment Trust Ltd India 18/06/12Inotera Memories Inc. Taiwan 15/05/06ITC Ltd India 4/01/94Jain Irrigation Systems Ltd India 9/03/94Jindal Cotex Ltd India 1/07/10Jindal SAW Ltd India 21/09/05Jindal Stainless Ltd India 11/10/06John Keells Holdings Ltd Sri Lanka 17/03/94Jupiter Bioscience Ltd India 5/07/10K Sera Sera Ltd India 12/11/07Kaashyap Technologies Ltd India 9/10/09Karur K.C.P. Packkagings Ltd India 24/03/11KBS India Ltd India 26/05/10KCC Corp. Korea (Rep. of) 23/04/03KEI Industries Ltd India 28/09/05Kemrock Industries and Exports Ltd India 30/04/10Kesoram Industries Ltd India 8/08/96KGI Securities Co. Ltd. Taiwan 10/08/09KLG Systel Ltd India 4/09/06Kohinoor Broadcasting Corporation Ltd India 23/07/07Korea Express Co. Ltd (The) Korea (Rep. of) 13/05/94Kotak Mahindra Bank Ltd India 28/04/06KT & G Corp. Korea (Rep. of) 31/10/01Larsen & Toubro Ltd India 5/12/94LIC Housing Finance Ltd India 8/09/04Lyka Labs Ltd India 13/12/05MAARS Software International Ltd India 5/12/03Macronix International Co. Ltd Taiwan 5/04/04Madhucon Projects Ltd India 24/02/06Mahindra & Mahindra Ltd India 14/12/93MARG Ltd India 8/03/07Mascon Global Ltd India 30/07/02Micro Technologies (India) Ltd India 9/12/05Microelectronics Technology Inc. Taiwan 24/05/94
80 FactBook 2013
Issuer Country of origin Listing date
MOL Magyar Olaj- és Gázipari Nyrt. Hungary 30/11/95Morepen Laboratories Ltd India 31/03/03Mosel Vitelic Inc. Taiwan 17/09/99Motech Industries Inc. Taiwan 9/05/07Nakoda Ltd India 29/11/10Nanya Technology Corp. Taiwan 18/07/03NCC Ltd India 20/12/05Nectar Lifesciences Ltd India 1/03/10Neha International Ltd India 5/05/11Neo Corp International Ltd India 5/08/11Neo Solar Power Corp. Taiwan 20/07/11NEPC India Ltd India 14/11/94Nextgen Animation Mediaa Ltd India 12/04/10Nippon Meat Packers Inc. Japan 22/12/76Nissan Copper Ltd India 21/05/10Nortel Inversora S.A. Argentina 21/12/92Northgate Technologies Ltd India 23/10/07Nu Tek India Ltd India 6/08/10Orchid Chemicals & Pharmaceuticals Ltd India 3/11/05ORG Informatics Ltd India 12/12/06Oriental Hotels Ltd India 16/12/94OTP Bank Nyrt. Hungary 11/08/95Panama Petrochem Ltd India 20/07/11Parade Technologies Ltd Cayman Islands 24/07/12Paramount Communications Ltd India 3/05/06Pegatron Corp. Taiwan 9/08/10Powerchip Technology Corp. Taiwan 5/11/99Powertech Technology Inc. Taiwan 23/01/06ProMOS Technologies Inc. Taiwan 29/05/02Qisda Corp. Taiwan 30/12/99Quanta Computer Inc. Taiwan 26/11/03Rainbow Papers Ltd India 29/01/10Raj Oil Mills Ltd India 27/07/12Rana Sugars Ltd India 22/09/09Ranbaxy Laboratories Ltd India 7/07/94Rasoya Proteins Ltd India 2/03/11Raymond Ltd India 24/11/94Realtek Semiconductor Corp. Taiwan 29/01/02Reliance Capital Ltd India 7/02/07Reliance Communications Ltd India 3/08/06Reliance Industries Ltd India 4/06/92Reliance Power Ltd India 17/05/11Resurgere Mines & Minerals India Ltd India 28/06/10Richter Gedeon Nyrt. Hungary 20/11/95Rishabhdev Technocable Ltd India 6/11/09RITEK Corp. Taiwan 15/10/99S.E. Investments Ltd India 12/03/10Sampo Corp. Taiwan 24/11/03Samsung Electronics Co. Ltd Korea (Rep. of) 21/05/91Samsung SDI Co. Ltd Korea (Rep. of) 18/06/99Sanraa Media Ltd India 2/05/08SEL Manufacturing Co. Ltd India 18/12/09Shah Alloys Ltd India 25/09/06Shin Kong Financial Holding Co. Ltd Taiwan 28/07/09Shree Ashtavinayak Cine Vision Ltd India 13/01/10Silicon Integrated Systems Corp. Taiwan 17/01/03Silverline Technologies Ltd India 21/04/09Sino-American Silicon Products Inc. Taiwan 8/09/10SK Hynix Inc. Korea (Rep. of) 31/10/05Southern Ispat and Energy Ltd India 11/08/10Southern Petrochemical Industries Corp. Ltd India 11/10/93Standard Foods Corp. Taiwan 19/06/97Sterling Biotech Ltd India 6/10/03Sterling International Enterprises Ltd India 15/12/09Sujana Metal Products Ltd India 19/01/10Sujana Towers Ltd India 18/01/10Sujana Universal Industries Ltd India 4/10/05SUN Interbrew Plc Cyprus 28/12/95Surya Pharmaceutical Ltd India 13/10/10
Statistics
81FactBook 2013
Issuer Country of origin Listing date
Suryachakra Power Corporation Ltd India 28/04/11Suzlon Energy Ltd India 27/07/09Sybly Industries Ltd India 20/06/08Syncom Healthcare Ltd India 6/09/10Synnex Technology International Corp. Taiwan 3/07/97Taneja Aerospace & Aviation Ltd India 7/10/05Tata Global Beverages Ltd India 10/03/00Tata Motors Ltd India 15/10/09Tata Power Co. Ltd (The) India 11/03/94Tata Steel Ltd India 3/11/95Tatung Co. Ltd Taiwan 2/10/09Teledata Informatics Ltd India 10/08/04Teledata Technology Solutions Ltd India 15/03/10TEXMO Pipes and Products Ltd India 12/04/11TOFAŞ Türk Otomobil Fabrikasi A.Ş. Turkey 10/03/94Toray Industries Inc. Japan 28/09/64TPK Holding Co. Ltd Cayman Islands 2/10/12Transgene Biotek Ltd India 23/02/11Tricom India Ltd India 5/05/06TT&T Plc Thailand 15/04/94Tulsi Extrusions Ltd India 24/08/10Tung Ho Steel Enterprise Corp. Taiwan 22/09/94Uflex Ltd India 7/12/95UltraTech Cement Ltd India 29/06/11Uniphos Enterprises Ltd India 18/03/94United Spirits Ltd India 30/03/06Usha Martin Education & Solutions Ltd India 28/02/01Usha Martin Ltd India 14/10/94Vaibhav Global Ltd India 9/02/06Valecha Engineering Ltd India 6/02/06Vedanta Resources Plc United Kingdom 15/01/10Videocon Industries Ltd India 30/06/05Vikash Metal & Power Ltd India 13/04/11Visu International Ltd India 24/04/06Walsin Lihwa Corp. Taiwan 3/10/95Wanbury Ltd India 13/10/05WIN Semiconductors Corp. Taiwan 9/10/12Winbond Electronics Corp. Taiwan 5/02/99Winsome Textile Industries Ltd India 31/03/11Winsome Yarns Ltd India 30/03/11Wintek Corp. Taiwan 21/11/02Wistron Corp. Taiwan 23/09/05Wockhardt Ltd India 4/07/00Yageo Corp. Taiwan 26/09/94Zenith Birla (India) Ltd India 31/05/10
82 FactBook 2013
5.1 Net assets of Luxembourg UCIs
Year Total Net assets
(EUR billion)
Mutual
funds
Net assets
(EUR billion)
SICAV Net assets
(EUR billion)
Other
UCIs
Net assets
(EUR billion)
2003 1,870 953.30 957 466.20 888 483.80 25 3.302004 1,968 1,106.22 1,036 504.00 913 600.30 19 1.902005 2,060 1,525.21 1,099 624.35 946 898.21 15 2.662006 2,238 1,844.90 1,224 681.30 1,000 1,161.10 14 2.502007 2,868 2,059.40 1,645 748.70 1,211 1,308.40 12 2.282008 3,371 1,559.65 1,910 567.19 1,443 990.84 18 1.622009 3,463 1,840.99 1,907 601.79 1,533 1,233.93 23 5.272010 3,667 2,199.00 1,944 652.16 1,701 1,540.11 22 6.732011 3,845 2,096.51 1,948 609.61 1,864 1,476.52 33 10.382012 3,841 2,383.83 1,859 669.10 1,946 1,702.72 36 12.01
Source: CSSF
Net assets
UCIs
Net
ass
ets
(EU
R bi
llion
)
Num
ber o
f UC
Is
20122003 2004 2005 2006 2007 2008 2009 2010 2011850
1,100
1,350
1,600
1,850
2,100
2,350
2,600
1,600
1,950
2,300
2,650
3,000
3,350
3,700
4,050
5.2 Listings
2012 New listings Delistings Quotation lines Legal entities
Domestic 617 640 6,218 378Foreign 23 98 124 49
Total 640 738 6,342 427
2011 New listings Delistings Quotation lines Legal entities
Domestic 765 1,814 6,244 408Foreign 57 13 196 44
Total 822 1,827 6,440 452
5 UCIs
Statistics
83FactBook 2013
5.3 New UCIs listed in 2012 (legal entities)
Domestic UCIs Number of
sub-funds
Listing date
Alken Fund 1 29/10/2012BCGE Synchrony (LU) Funds 6 18/12/2012Credit Suisse Index Fund (Lux) 4 26/04/2012Eulerphi Fund S.C.A. SICAV-SIF 1 16/10/2012Evergreen SICAV-FIS 1 21/12/2012finex SICAV SIF S.A. 1 22/08/2012HB Reavis Real-Estate SICAV-SIF 1 29/08/2012Invest AD Sicav 4 8/06/2012KBL EPB Bond Fund 5 20/06/2012KBL EPB Equity Fund 6 25/06/2012KBL EPB Monetary Fund 3 21/06/2012Keystone Fund 1 16/11/2012Merrill Lynch Investment Solutions 3 1/02/2012Opti-Growth Fund 1 21/06/2012Renaissance Asset Managers Global Funds 3 29/11/2012Sarasin Investmentfonds 1 14/12/2012Sarasin Multi Label SICAV 1 20/12/2012Selectum Stock Picking Fund 6 26/03/2012Tages Capital SICAV 2 25/05/2012TCW Funds 11 1/02/2012
Total 62
Foreign UCIs Number of
sub-funds
Listing date
Cheyne Select UCITS Fund plc 3 30/04/2012GLG Investments plc 1 15/02/2012Griffin Umbrella Fund plc 1 27/08/2012Longleaf Partners Unit Trust 1 27/03/2012Stone Harbor Investment Funds plc 3 31/01/2012Lyxor ETF Brazil (IBOVESPA) 1 31/10/2012Lyxor ETF China Enterprise (HSCEI) 1 31/10/2012Lyxor ETF Commodities Thomson Reuters/Jefferies CRB Ex-Energy TR 1 31/10/2012Lyxor ETF Commodities Thomson Reuters/Jefferies CRB TR 1 31/10/2012Lyxor ETF MSCI Emerging Markets 1 31/10/2012Lyxor ETF MSCI EM Latin America 1 31/10/2012Lyxor ETF MSCI India 1 31/10/2012Lyxor ETF MSCI USA 1 31/10/2012Lyxor ETF MSCI World 1 31/10/2012
Total 18
84 FactBook 2013
5.4 UCI turnover
2012 Number of
trades
Number of
shares traded
Turnover
(EUR million)
Weight
%
Domestic 196 166,662 8.14 100.00%
Foreign 0 0 0.00 0.00%
Total 196 166,662 8.14 100.00%
2011 Number of
trades
Number of
shares traded
Turnover
(EUR million)
Weight
%
Domestic 62 31,149 5.94 100.00%
Foreign 0 0 0.00 0.00%
Total 62 31,149 5.94 100.00%
5.5 Most traded UCIs
Currency Undertaking for collective investment Number of
shares traded
Turnover
(EUR million)
EUR UNI-Global Minimum Variance Europe Cl. B1 (cap.) 801 1.57USD Henderson Horizon Global Technology Fund Cl. A (cap.) 35,970 1.03USD Aberdeen Global Indian Equity Fund Cl. A2 (cap.) 10,075 0.70USD Aberdeen Global Asia Pacific Equity Fund Cl. A2 (cap.) 11,750 0.65GBP ML Investment Solutions Marshall Wace TOPS UCITS Fund Cl. G (cap.) 5,014 0.64USD Franklin TempIeton Investment Asian Growth Fund Cl. A (cap.) 22,105 0.55USD ML Investment Solutions Marshall Wace TOPS UCITS Fund Cl. G (cap.) 5,998 0.45EUR Julius Baer Multibond Local Emerging Bond Fund Cl. A (dis.) 4,000 0.41EUR BlueBay Investment Grade Bond Fund Base Cl. R (cap.) 1,810 0.25EUR Aberdeen Liquidity Fund (Lux) Cl. A2 (cap.) 491 0.22USD Fidelity China Focus Fund Cl. A (dis.) 5,050 0.16EUR ML Investment Solutions Marshall Wace TOPS UCITS Fund Cl. G (cap.) 1,154 0.12AUD UBS (Lux) Medium Term Bond Fund Cl. P (cap.) 550 0.11EUR Julius Baer Multistock Absolute Return Europe Equity Fund Cl. A (dis.) 1,000 0.11EUR Man Umbrella SICAV – Man Convertibles Europe Cl. D5 (cap.) 620 0.09
85FactBook 2013
6.1 Listings
Underlying assets
Year New listings Delistings Quotation lines Stocks Bonds Indices &
others
2003 1,004 746 1,795 1,101 9 6852004 1,327 708 2,414 1,609 30 7752005 1,384 979 2,821 1,806 33 9822006 2,255 1,019 4,056 2,632 39 1,3852007 3,625 1,241 6,440 4,411 43 1,9862008 2,771 1,470 7,741 5,350 43 2,3482009 1,683 2,147 7,277 5,179 17 2,0812010 2,469 2,165 7,581 5,588 12 1,9812011 2,269 1,504 8,346 6,488 12 1,8462012 2,191 2,994 7,544 5,849 17 1,678
6.2 Ten-year listing evolution
0
1,350
2,700
4,050
5,400
6,750
8,100
9,450
Quo
tatio
n lin
es
20122003 2004 2005 2006 2007 2008 2009 2010 2011
Bonds/Indices/Others
Stocks
6 Warrants
86 FactBook 2013
On December 31, 2007, the Luxembourg Stock Exchange discontinued its gold market. On January 2, 2008, the Luxembourg Stock Exchange began disseminating indicative prices of precious metals on its website. The indicative prices are supplied by Banque Internationale à Luxembourg S.A. and KBL European Private Bankers S.A.
7.1 Gold prices
Ingot (EUR) Bar (USD)
2012 Lowest Highest Lowest Highest
Year start 39,090.00 1,568.42January 39,090.00 42,635.00 1,568.42 1,743.00February 41,720.00 43,110.00 1,716.48 1,785.85March 40,000.00 41,970.00 1,633.55 1,723.50April 39,850.00 41,010.00 1,625.30 1,675.25May 38,860.00 40,635.00 1,536.10 1,654.00June 40,190.00 42,185.00 1,555.78 1,635.58July 40,680.00 42,705.00 1,567.70 1,623.15August 41,800.00 43,100.00 1,593.50 1,672.75September 43,060.00 44,395.00 1,687.65 1,781.15October 42,500.00 44,430.00 1,704.08 1,790.57November 42,290.00 43,985.00 1,677.50 1,749.45December 40,200.00 42,620.00 1,650.20 1,719.20Year close 40,775.00 1,666.90
Gold prices are made on the basis of:
- 1 kilogram ingot of 999.9/1,000 fine gold, expressed in EUR per unit;
- the standard quantity of 400 troy ounces, expressed in USD per troy ounce.
7.1.1 Ingot price evolution in 2012
38,000
39,000
40,000
41,000
42,000
43,000
44,000
45,000
1 3 42 5 6 7 98 10 11 12
EUR
7 Precious metals
Statistics
87FactBook 2013
7.1.2 Bar price evolution in 2012
1,500
1,545
1,590
1,635
1,680
1,725
1,770
1,815
1 3 42 5 6 7 98 10 11 12
USD
7.2 Silver prices
Ingot (EUR) Bar (USD)
2012 Lowest Highest Lowest Highest
Year start 730.00 29.32January 705.00 825.00 28.52 33.87February 815.00 885.00 33.15 37.05March 768.00 855.00 31.69 35.17April 750.00 792.00 30.85 32.85May 694.00 752.00 27.45 30.82June 686.00 750.00 26.79 29.32July 695.00 740.00 26.80 28.33August 715.00 795.00 27.25 31.05September 814.00 865.00 31.85 34.79October 790.00 868.00 31.71 34.92November 775.00 847.00 30.81 34.26December 726.00 830.00 29.96 33.59Year close 735.00 30.19
Silver prices are made on the basis of:
- 1 kilogram ingot of 999/1,000 silver, expressed in EUR per unit;
- the standard quantity of 400 troy ounces, expressed in USD per troy ounce.
88 FactBook 2013
7.2.1 Ingot price evolution in 2012
670
705
740
775
810
845
880
915
1 3 42 5 6 7 98 10 11 12
EUR
7.2.2 Bar price evolution in 2012
26.00
27.75
29.50
31.25
33.00
34.75
36.50
38.25
1 3 42 5 6 7 98 10 11 12
USD
