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Société de la Bourse de Luxembourg S.A.
Street address11, avenue de la Porte-NeuveL-2227 Luxembourg
Postal addressP.O. Box 165L-2011 Luxembourg
Tel. +352 47 79 36-1Fax +352 47 32 98
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1FactBook 2004
Introduction
2003 Key eventsOrganisation Legal environmentProducts and servicesInternational relations2003 in review
OrganisationBoard of directorsStock Exchange CommitteeStanding CommitteesManagementStock Exchange Supervisory Authority
Listing proceduresListing rulesVisa, listing and maintenance fees
The marketTrading mechanismClearing and settlementBrokerageSAM access platform
MembershipGuidelines for membershipStock Exchange members
ServicesData disseminationTrading-related and other information technology services
International operations
Publications
2004 Exchange holidays
Useful contacts
History
Laws and regulations2002 and 2003 provisions
Euro history and provisions
Statistics
Contents
3FactBook 2004
In 2003 the Luxembourg Stock Exchange continued to develop itsoperations as a listing and trading centre for international securities andmaintained its position in this specific field. The figures provided in thisFactBook demonstrate that Luxembourg remains instrumental in providingskilled services to the worldwide community of issuers of securities andtheir intermediaries.
The Luxembourg Stock Exchange enhanced its trading platform to providefor cross market access facilities under its agreement with Euronext. It entered into an agreement with a leading provider of trading technologysystems so as to create an environment where Luxembourg and foreigninstitutions alike will benefit. The deployment of the new trading tool wascompleted in 2003. This will create opportunities for all market operatorsbased in Luxembourg and in the Euronext area.
The upgrade of the information technology infrastructure of the StockExchange goes far beyond the mere trading system. As a matter of fact, inorder to ensure a proper diversification of its activities, the Stock Exchangehas identified several products and services best suited to the requirementsof the market operators. To this end, and given the specifications of the Luxembourg financial centre, the Stock Exchange has drawn up a comprehensive business plan by making full use of the data collected bythe Stock Exchange with respect to the listed securities and by CCLux, a subsidiary operating as a service provider to the investment fund industry.Two consultation portals, www.cclux.lu and www.bourse.lu, were launchedon April 2 and December 8, 2003 to provide detailed information on bothlisted securities and Luxembourg undertakings for collective investment.
Finally, the new facilities, which include efficient document managementand processing systems, enable the Stock Exchange to meet therequirements of all market participants, in particular in Luxembourg, and to conform to the legal and regulatory environment.
Société de la Bourse de Luxembourg 4 March 2004
Introduction
4FactBook 2004
Organisation
The Luxembourg Stock Exchange pays tribute to Mr. Jean KRIER, who chaired the Board from April 23, 2001 until his sudden death onOctober 30, 2003. Mr. KRIER’s commitment has been particularlysignificant in two areas, ie the Stock Exchange’s business plan for whichkey projects were completed in 2003 and the listing of securities, in whichthe Luxembourg Stock Exchange plays a leading role.
At its meeting of January 16, 2004, the Board of directors of theLuxembourg Stock Exchange appointed Mr. Raymond KIRSCH as its newChairman.
Mr. Raymond KIRSCH has been a member of the Board since 1990. He was appointed Vice-Chairman in July 1993. He formerly assumed the functions of Government Commissioner for the Luxembourg StockExchange from 1979 to 1985.
Legal environment
2003 was marked by the adoption of a number of Directives referred to in the Financial Services Action Plan (FSAP) of the European Commission.One of the new Directives was the so-called Prospectus Directive, which is likely to have a strong impact on the operations conducted by theLuxembourg Stock Exchange in respect of securities listing.
Implementing the business plan under strict quality control procedures willenable the Luxembourg Stock Exchange to conform to the requirementscreated by the European legal environment and laid down by thesupervisory authority and to maintain its position as an international listing centre.
Amended Rules and Regulations
Chapter II (“Stock Exchange Committee”), Chapter IV (“Members of theStock Exchange”) and Chapter V (“Market access”) of the LuxembourgStock Exchange’s Rules and Regulations were amended to take accountof the new operating environment of the Stock Exchange and to adapt tothe new information technology infrastructure.
2003 Key events
Products and services
In 2003, the Luxembourg Stock Exchange continued to implement itsbusiness plan whose main purpose is to enhance the position of the StockExchange in the field of information processing by relying on the StockExchange’s core listing activity. Fundamentally, the business plan rests onweb portal technology to collect, process and disseminate data, such asprices, corporate events, and securities-related documentation.
GL Trade Connection
The implementation on June 30, 2003 of the GL Trade system facility toaccess the SAM trading platform created an environment beneficial toLuxembourg and foreign institutions by enabling the Luxembourg-basedmembers to reach more easily the Luxembourg Stock Exchange marketand foreign markets, such as the Euronext markets, but also the operatorsof other markets to access the Luxembourg SAM system.
Currently four Euronext members are operational on the Luxembourgmarket and one Luxembourg member is linked to the Euronext markets.
Launch of the CCLux and Bourse ConsultationPortal systems
Under its business plan, the Luxembourg Stock Exchange has resolved to store and process all types of securities data and post them forconsultation and exchange on web-based portal systems. The informationtechnology infrastructure is common to the Stock Exchange and itssubsidiary CCLux and is designed to include data for all the Exchange-listed instruments and all the Luxembourg-registered undertakings forcollective investment (UCIs).
A first stage of the programme was completed on April 2, 2003 with the launch of the CCLux consultation portal (www.cclux.lu), which givesaccess to ample information on Luxembourg UCIs.
A second stage was the launch of the Bourse consultation portal(www.bourse.lu) on December 8, 2003.
Compared to the previous Internet sites, both consultation portals nowhave more sophisticated ergonomics and more powerful search andconsultation functionalities.
Both portals rely on state-of-the-art Internet technology enabling users toaccess a vast amount of accurate and current data on securities (prices,net asset values, indices, yields, prospectuses and reports).
By launching the two portals, the Luxembourg Stock Exchange significantlyenhanced the transparency in all Luxembourg-linked financial instruments.
2003 Key events
5FactBook 2004
6FactBook 2004
Set-up of the Exchange Portal “e-file.lu”
The consultation portals are expected to be supplemented by anotherportal, known as the Exchange portal, or “e-file.lu”, a technical platformwhich will enable to electronically implement and follow up a number of regulatory procedures, more particularly with regard to the official listing of securities or the launching of UCIs.
This portal will accelerate the listing process of new securities and theirregistration with the supervisory authorities and the reporting of ongoingobligations in connection with officially listed securities. They will at thesame time provide tools to meet the new EU directives.
In addition to its listing/trading-related operations, the Luxembourg StockExchange provides or plans to provide a range of services to the Luxembourg and international financial communities.
The helpdesk department
The mission of the department is to assist clients and users by givingadvice, guidance, information and training on any technical and functionalissue concerning the information technology products and services of theLuxembourg Stock Exchange. Given the wide range of products andservices provided by the Exchange, the helpdesk department reached a high activity level last year.
Backup and storage solutions
Thanks to its expertise in the development of IT services, the LuxembourgStock Exchange is also well placed to offer filing and back up solutions toits customers and end users for a majority of its products and services.
The national stops system
Under a 1996 Grand-Ducal decree, the Luxembourg Stock Exchange is incharge of the national stops system for bearer securities, thus taking an active part in investor protection.
Education
The Luxembourg Stock Exchange concluded an agreement with theLuxembourg Institute for Training in Banking (IFBL) with regard to thecourse programmes offered to stock exchange traders. The programme ispart of the introductory curriculum established by IFBL and the coursesare conducted by Stock Exchange staff. A professional certificate isgranted to the traders jointly by IFBL and the Luxembourg StockExchange.
In 2003, one session was held for professionals, in particular prospectivebrokers, and persons showing interest in stock exchange activities.
The Luxembourg Stock Exchange also has a partnership agreement withInvestas, an independent non-profit Luxembourg organisation establishedto represent individual shareholders and protect their rights. The agreementcovers areas such as the joint promotion of Luxembourg-listed securitiesand the joint organisation of seminars. In 2003 the Stock Exchangeconducted an Investas-sponsored pilot operation in the Luxembourgschool institutions aimed at introducing students to securities investment.
Furthermore, the Luxembourg Stock Exchange continued to welcomeofficial delegations and groups of visitors.
International relations
The Stock Exchange’s trading and listing activities are evidence of the rolewhich it plays on behalf of its member firms and issuers of internationalsecurities.
In addition to the line of services which it renders to the domestic marketoperators, the Luxembourg Stock Exchange conducts internationallyoriented activities.
It takes part in the meetings and reflections of both the Federation ofEuropean Securities Exchanges and the World Federation of Exchanges. It also is an associate member of IOSCO.
The Stock Exchange also closely follows the current and expectedchanges to the legal and regulatory EU framework governing the securitiesindustry. In this respect, it ensures to be adequately represented so as toair its views in the forums and bodies dealing specifically with all the draftdirectives and regulations impacting the Stock Exchange’s key activities.
April 2, 2003 2003 Stock Exchange Day
The guest speaker of the 2003 Stock Exchange Day, or Journée boursière,was Monsieur Marc VIENOT, Honorary Chairman of Société Générale andChairman of the Committee on Corporate Governance which publishedthe two so-called “Viénot Reports”. Monsieur Marc VIENOT delivered aspeech on: “How to restore confidence in the market”, in connection withthe various possibilities of corporate governance ranging from total self-regulation to strong legal restrictions and the functions assumed by auditors.
May 7, 2003 Cooperation with the Belgrade Stock Exchange
On May 7, 2003 the Luxembourg Stock Exchange signed an agreementwith the Luxembourg Foreign Affairs Ministry which decided to allocatefinancial resources to assist the Belgrade Stock Exchange in itsdevelopments. The contribution of the Luxembourg Stock Exchangehelped to implement a remote access infrastructure for the trading systemof the Belgrade Stock Exchange.
2003 Key events
7FactBook 2004
8FactBook 2004
June 11, 2003 Semi-annual general assembly of the Federationof European Securities Exchanges (FESE) andEuropean Financial Markets Convention, London
In 2003, during the 7th Convention, the senior representatives of EuropeanExchanges discussed the progress of the European Union’s FinancialServices Action Plan (FSAP), coordinated action on the CorporateGovernance Action Plan (CGAP), recent developments in the areas ofclearing and settlement and dialogue with the US SEC on direct accessfor US investors to European Exchanges.
June 25-27, 2003 35th annual general meeting of ISMA (International Securities Market Association),Madrid
October 11, 2003 Memorandum of Understanding signed inNew York with the Taiwan Stock ExchangeCorporation
The purpose of this Memorandum of Understanding (MoU) is to organisethe share of market surveillance information on securities listed and tradedon both the Taiwan Stock Exchange Corporation and the LuxembourgStock Exchange. The MoU will enable the Luxembourg Stock Exchange tobetter follow the securities originating from Taiwan, including bonds,equities, global depositary receipts and warrants.
October 12-14, 2003 43rd annual general assembly of the WorldFederation of Exchanges, New York
The general assembly focused on a number of issues, including themanagement of exchanges in today’s environment, costs and benefits ofpublic equity capital and the regulatory role of exchanges. As a matter offact, exchanges are key economic actors which bear heavy responsibilitiesin their front-line regulatory duties, which are often managed alongsidetheir commercial side of their businesses. The general assembly delegatesshared their views on how to straighten out the responsibilities and rolesof all parties, exchanges and regulators.
October 14-17, 2003 28th annual conference of IOSCO (International Organisation of SecuritiesCommissions), Seoul, Korea
The Luxembourg Stock Exchange took part in the IOSCO conference. The topic of the 2003 conference was “New Challenges for SecuritiesMarkets and Regulators”.
November 14-15, 2003 Semi-annual general assembly of FESE andWilton Park Conference, United Kingdom
Since 1999, the Federation has organised annual high-level conferenceson European and transatlantic financial markets issues, in close co-operation with the Wilton Park organisation and together with the European Financial Forum, Paris Europlace and the DeutschesAktieninstitut.
These conferences take place on Wilton Park’s estate, United Kingdom.
The 2003 Conference focused on systemic risk in the financial sector andwhether governance structures were sufficient to manage old and newareas of risk.
2003 in review
New listing record
The Luxembourg Stock Exchange admitted 8,246 new securities, a recordfigure, to official listing in 2003, bringing the number of listed securities to29,102 on December 31, 2003 (up 9.9% over the previous year). The listedsecurities broke down as follows: 73.1% bonds, 20.7% equities andundertakings for collective investment (UCIs), and 6.2% warrants.
The figures are evidence that the Luxembourg Stock Exchange maintainedits expertise in international securities listing and its recognition as aleading listing centre for such securities.
Since it was launched on January 4, 1999, the euro has become a majorlisting currency on the Luxembourg Stock Exchange, as is illustrated bythe figures of the last five years. In 2003, the euro served as an issuingcurrency for 54.7% of the bonds newly listed on the Luxembourg StockExchange, compared with 31.5% for the US dollar. The aggregate issuedvalue of the new euro-denominated bonds amounted to 528.7 billion euros(46.5%), compared with 512.5 billion euros (45.1%) for new US dollarbonds.
On the equity side, the largest group of listed securities remained that ofthe UCIs. 1,051 UCIs were admitted to listing in 2003, of which 504 weredenominated in euros and 396 in US dollars.
In the domestic equities market, one domestic company increased itsshare capital: ARCELOR S.A.. The foreign equity compartment recorded29 listings of global depositary receipts, issued mostly by companiesbased in Asia.
2003 Key events
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May 18, 2003 Mr. François BILTGEN, Minister in charge ofCommunications, visited the Luxembourg StockExchange
The Minister was given a presentation of the projects and developments ofthe company’s business plan, in particular in connection with IT andtelecommunications aspects.
The presentation focused on the activities conducted by the LuxembourgStock Exchange and its subsidiary CCLux with regard to the collection,processing and dissemination of financial data. The presentation wassupported by a demonstration of the Stock Exchange’s Internet portals,more specifically the portal www.cclux.lu launched by the Stock Exchangeon April 2, 2003, and the quality control procedures applied to ensure thereliability of the data.
July 17, 2003 40th anniversary of the listing of the US dollar 15 million Autostrade, 5.50%,1963-78 Eurobond
A major event with respect to Eurobond listing was, on July 17, thecelebration of the 40th anniversary of the Autostrade issue, the first listingof a Eurobond on the Luxembourg Stock Exchange, which also markedthe 40th anniversary of the Eurobond market. Since its launch onJuly 17, 1963, and the launch of other bonds such as those denominatedin European units of account, the Luxembourg Stock Exchange has takenfull advantage of an expertise of more than forty years in internationalsecurities listing to be recognized as the major listing centre for suchsecurities. In 1963, 93 bond issues were listed in Luxembourg, as against21,285 in 2003.
The LuxX
The LuxX (basis 1,000 on January 4, 1999), the Luxembourg StockExchange index, is a basket index calculated both as a price index, theLuxX Price, and as a return index, the LuxX Return. Its constituents areperiodically reviewed under the supervision of the Stock ExchangeCommittee.
The Luxembourg equities market was marked in 2003 by a sharp rise ofthe LuxX index.
At year-end, the values of the LuxX index were 1,018.88 for the price indexand 1,117.36 for the return index, up 29.02% and 32.97% respectively.
The LuxX price index reached its historical low (639.86 points) onMarch 12 and its yearly high (1,018.88 points) on December 31, 2003.
The LuxX showed one of the best performances compared with those ofthe major foreign markets.
The constituent equities of the LuxX basket at mid-January 2004 were:ARCELOR S.A., Banque Degroof Luxembourg S.A., BGL InvestmentPartners S.A., Cegedel S.A., Le Foyer Compagnie Luxembourgeoise S.A.,ordinary and preferred equities of Kredietbank S.A. Luxembourgeoise,Luxempart S.A., RTL Group and SES Global S.A..
The domestic market capitalisation rose from 23,568.5 million euros at2002 year-end to 29,597.8 million euros on December 31, 2003.
Trading on the Luxembourg Stock Exchange:stocks and shares dominated the market
Turnover in stocks and shares issued by companies, UCIs and warrantsdominated the market and accounted for 52.1% of total trading butdecreased from 523.6 million euros in 2002 to 413.2 million in 2003.
Trading in Luxembourg equities accounted for 28.3% of the total turnoverof the Luxembourg Stock Exchange. Luxembourg UCIs represented16.0% of the total turnover.
The euro bond segment accounted for 28.2% of total trading and 58.9%of total bond trading.
Overall, trading amounted to 792.8 million euros in 2003, a decrease by54.6% compared to the 2002 year-end figures.
2003 Key events
11FactBook 2004
12FactBook 2004
Bodies of the Luxembourg Stock Exchange
Board of directors
Messrs Jean Krier, Chairman († October 30, 2003)
Licencié en Sciences Commerciales et Financières, Luxembourg
Raymond Kirsch, Chairman (appointed January 16, 2004)
Docteurs en Droit et en Sciences Economiques
Elmar BaertAdministrateur délégué
ING Luxembourg, Luxembourg
Alain BaillyAdministrateur-directeur général
BNP Paribas Luxembourg S.A., Luxembourg
Pierre BaldauffDirecteur
Banque de Luxembourg S.A., Luxembourg
Jean-Marie BarthelMembre du Comité de direction
Kredietbank S.A. Luxembourgeoise, Luxembourg
Corneille BrückVice-président honoraire
Banque Européenne d’Investissement, Luxembourg
Pierre-Paul CochetDirecteur général et Administrateur délégué
Crédit Lyonnais - Agence de Luxembourg, Luxembourg
Dr Claude DeschenauxPrésident
Société Européenne de Banque S.A., Luxembourg
Albert Le Dirac’hAdministrateur délégué
Société Générale Bank & Trust S.A., Luxembourg
Walter H. DraisbachAdministrateur délégué
Dresdner Bank Luxemburg S.A., Luxembourg
Organisation
Messrs Jean-Claude FinckDirecteur général et Président du Comité de direction
Banque et Caisse d’Epargne de l’Etat, Luxembourg
Guillaume FromontAdministrateur délégué
Crédit Agricole Investor Services Bank Luxembourg S.A., Luxembourg
Pierre GramegnaDirecteur
Chambre de Commerce, Luxembourg
Marc HoffmannPrésident du Comité de direction
Dexia Banque Internationale à Luxembourg S.A., Luxembourg
Robert ScharfeMembre du Comité de direction
Banque Générale du Luxembourg S.A., Luxembourg
Claude SchonDirecteur
Dexia Banque Internationale à Luxembourg S.A., Luxembourg
Thomas SealePrésident
Association Luxembourgeoise des Fonds d’Investissement, Luxembourg
Henri ServaisVice-président du Conseil d’administration
HSBC Dewaay S.A., Bruxelles
François TeschDirecteur général
Le Foyer Assurances Compagnie Luxembourgeoise S.A., Luxembourg
Jean ThillDirecteur des marchés financiers
Banque Générale du Luxembourg S.A., Luxembourg
Honorary Chairmen
Messrs Edmond IsraelPrésident honoraire, Clearstream International
Directeur général honoraire
de Dexia Banque Internationale à Luxembourg S.A.
Remy Kremer Administrateur délégué honoraire
de la Banque Générale du Luxembourg S.A.
Organisation
13FactBook 2004
14FactBook 2004
Stock Exchange Committee
Messrs François Lenert, ChairmanPremier fondé de pouvoir
Kredietbank S.A. Luxembourgeoise, Luxembourg
André Wagner, Vice-chairmanChief Equity Trader
Banque Générale du Luxembourg S.A., Luxembourg
Ms Irène AccianiSous-directeur
Société Européenne de Banque S.A., Luxembourg
Messrs Michel BeckerResponsable des activités Titres et OPC
Société Générale Bank & Trust S.A., Luxembourg
Christian BertrandDirecteur
Petercam S.A., Bruxelles
Marc HenryResponsable de la ligne Fixed Income
Dexia Banque Internationale à Luxembourg S.A., Luxembourg
Peter KaulDirecteur
Dresdner Bank Luxembourg S.A., Luxembourg
Aly KohllChef du service Financial Markets
Banque et Caisse d’Epargne de l’Etat, Luxembourg
François LicoppeResponsable Marchés-Gestion
Crédit Lyonnais Luxembourg S.A., Luxembourg
Karl PittevilsResponsable Salle des Marchés
ING Luxembourg, Luxembourg
Ms Hilary PorteousDeputy Managing Director
JP Morgan Bank Luxembourg S.A., Luxembourg
Messrs Julian PresberManaging Director
State Street Bank Luxembourg S.A., Luxembourg
Claudio TomassiniFondé de pouvoir principal
“Head of Trading”
Banque de Luxembourg S.A., Luxembourg
Messrs Philippe Van LooyHead of Global Corporate Trust
BNP Paribas Securities Services, Luxembourg
Alain WeickerDirecteur général
HSBC Dewaay S.A., succ. de Luxembourg, Luxembourg
Standing Committees
Listing Committee
Messrs Michel MaquilAxel ForsterPaul AltmanDaniel DaxAlex Picco
Market Surveillance Committee
Messrs Michel MaquilAxel ForsterJohan ThiriartJean-Paul Pinnel
Management
Executive Committee
Messrs Michel Maquil, President & CEO
Axel Forster, Member
Dominique Valschaerts, Member
Departments
Messrs Paul Altman Vice-President Issuers
Daniel Dax Vice-President Strategy and membership
Didier Le Meur Directeur délégué Information technology
Bernard Simon Vice-President Information technology
Johan Thiriart Vice-President Market/surveillance/
statistics
Antoine Wagner Vice-President Commercial activities
Functions
Messrs Daniel Dax Vice-President Legal and compliance
Christian Descoups Company secretary Press relations
Roger Flener Conseiller de direction Logistics/
publications development
Carlo Mouschang Internal auditor Internal audit
Ms Nadine Pomes Conseiller de direction Human resources/budget
Stock Exchange Supervisory Authority
Commission de surveillance du secteur financier110, route d’Arlon - L-2991 Luxembourg - Tel. +352 26 25 1-1 - www.cssf.lu
Organisation
15FactBook 2004
16FactBook 2004
Listing rulesThe regulatory framework
Compliance with the rules governing the listing of securities is ensured bythe Exchange Supervisory Authority which was established by the law onexchanges dated September 21, 1990, replaced by the law datedDecember 23, 1998 creating the Commission de surveillance du secteurfinancier (CSSF). The rules stipulating the requirements for the drawing-up,scrutiny and distribution of listing particulars to be published for theadmission of securities to official stock exchange listing are contained inthe relevant Grand-Ducal regulation of December 28, 1990.
Both the Grand-Ducal regulation and the law on exchanges also lay downthat a visa has to be granted to the listing particulars and to theprospectuses of public offers not followed by official listing.
Any party intending to apply for the admission of securities to listing onthe Luxembourg Stock Exchange has to inform the Stock Exchangethereof with at least two weeks’ prior notice by filing an application file.
The application must contain:
• a draft of the listing particulars, or prospectus;
• additional information, i.e. information to be included in the listingparticulars but not given yet in the draft; information expected to beincluded in the listing particulars but for which a waiver is placed. Anyplacing of a waiver needs to be duly justified;
• the supporting documents justifying the information contained in thetwo preceding items.
The basic documentation for the listing of securities is therefore based onthe listing particulars, or prospectus, whose content is described in theschedules attached to the Grand-Ducal regulation.
The specific role of the Luxembourg Stock Exchange
The Luxembourg Stock Exchange is the competent authority for admittingsecurities to official stock exchange listing and, to this end, examines thelisting application.
The listing particulars may be published only after they have been clearedby the Luxembourg Stock Exchange. The listing particulars are usuallypublished in the form of a brochure which can be made available to thepublic at the registered office of the Stock Exchange, at the registeredoffice of the issuer, and at the offices of the financial institutions retainedto act as paying agents in Luxembourg. The listing particulars must bepublished at the latest on the day preceding the day on which listing
Listing procedures
becomes effective. They must contain the information which the investorsand the investment advisers need in order to properly assess the assetsand liabilities, financial position, profits and losses, and prospects of theissuer, and of the rights attached to the security.
The listing particulars and any supporting document for a listingapplication may be published in French, German, or English, or betranslated into one of these languages.
Within the Luxembourg Stock Exchange, a specific department has beencreated to deal with the examination of the listing applications for allcategories of securities. The constituencies granting admission to listingare the Board of directors and the Listing Committee to which the Boardhas delegated its powers.
In order to streamline the listing procedures, the Board of directors of theLuxembourg Stock Exchange resolved on March 14, 1997 to delegate itspowers with regard to listing approval to a Listing Committee consisting ofsenior executives of the Stock Exchange.
As a result, listing approvals are granted on a daily basis, substantiallyreducing the time required for processing applications, thereby meetingthe requirements of the issuers, in an environment where time is a keydecision factor.
The listing agent
Application for listing shall be filed by an institution which is a member ofthe Luxembourg Stock Exchange. This institution usually acts as the agentof its client for the examination of the listing particulars and handles all thelegal and administrative tasks with the Stock Exchange. The use of alisting agent provides qualified assistance in any discussion to beconducted with the authorities before, during and after the listing approvalprocess.
Basically the tasks of the listing agent are:
1. acting as liaison agent between the Luxembourg Stock Exchange andthe issuer, the lead manager and/or law firms;
2. taking care of any announcements to be made in the press;
3. providing the authorities with any information they may request duringthe term of the listing in connection with the ongoing listingrequirements;
4. preparing the legal notice prescribed by Luxembourg corporatelegislation and having it registered with the Chief Registrar of theDistrict Court in Luxembourg.
Listing procedures
17FactBook 2004
Visa, listing and maintenance fees *I. Fixed-income securities
The fee structure for fixed-income securities covers the following types ofbond 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.
- for multi-tranche issues, the visa 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 constituencies of 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.
First listing Subsequent listingsordinary supranational ordinary supranational
issuer issuer issuer issuer
EUR EUR
Visa fee:
in general 1,500.- 1,375.- 625.- 560.-
particular cases of:
• bonds with warrants 2,125.- 1,935.- 1,250.- 1,120.-
• debt securities programmes:
- for the basic prospectus 1,500.- 1,375.- 625.- 560.-
- for each prospectus supplement 400.- 360.-
Listing fee:
in general 600.- 600.-
particular cases of:
• debt securities programmes:
- 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.-
18FactBook 2004
* The full fee schedule applicable to the securities listed on the Luxembourg Stock Exchange is available on request.
General:
The maximum term to be taken into account to calculate the maintenancefee is 20 years (perpetual bonds incl.).
Special maintenance fee schedules are applicable for multi-tranche issueswith more than 10 tranches, for “stripped bonds” and for issues fungiblewith tranches already listed. They are available on request.
The exchange rates necessary to calculate the amount issued in EUR areavailable upon request.
Where an application for listing of fixed-income securities is not followed bya 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.
- for multi-tranche issues, the visa 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 constituencies of the Luxembourg Stock Exchange
Listing procedures
19FactBook 2004
First listing Subsequent listingsordinary supranational ordinary supranational
issuer issuer issuer issuer
EUR EUR
Visa fee:
in general 1,500.- 1,375.- 625.- 560.-
particular cases of:
• warrant programmes:
- for the basic prospectus 1,500.- 1,375.- 625.- 560.-
- for each prospectus supplement 400.- 360.-
Listing fee:
in general 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.-
20FactBook 2004
General:
The maximum term to be taken into account to calculate the maintenancefee 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 forthe three preceding financial years
B. Companies which have not published or registered annual accountsfor the three preceding financial years
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, administrativecharges amounting to EUR 2,500.- will be charged.
A Bfirst subsequent first subsequent
listing listings listing listings
EUR EUR
Visa fee: 2,500.- 1,250.- 2,500.- 1,250.-
Listing fee: 2,500.- 1,250.- 5,000.- 1,250.-
Maintenance fee (annual fee):
lst 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
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
1 does not apply to Luxembourg UCIs
Where an application for listing is not followed by a listing, administrativecharges amounting to EUR 1,250.- will be charged for Luxembourg UCIsand for UCIs of the European Union, and EUR 2,500.- for UCIs fromcountries outside of the European Union.
V. Subscription and allotment rights of unlisted companies
Review and visa fee: EUR 2,500.-Maintenance fee: EUR 625.-
Date of implementation of this fee structure: January 1, 1999.
Listing procedures
21FactBook 2004
A BEUR EUR
Visa fee1: 1,250.- 2,500.-
Listing fee: 1,250.- 2,500.-
Maintenance fee (annual fee):
lst 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
22FactBook 2004
Trading mechanism
The Luxembourg Stock Exchange organises a fully decentralisedautomated market, running on a technical platform called SystèmeAutomatisé de Marché - SAM, connecting all trading members, domestic and remote, via the GL NET network. The current tradingsystem, in operation since the beginning of 1996, is the MultiFixing Market(MFX), a fully automated order-driven market covering all securities listedon the Luxembourg Stock Exchange.
Trading hours are from 10.00 am to 4.00 pm on all working days.
Securities traded on the MFX are broken down into groups of trading (i.e. euro-denominated bonds, US dollar bonds, domestic stocks, UCITSetc…) which are open to several fixings a day. Fixings for the most tradeddomestic stocks as well as bonds in euros and US dollars are of a greaterfrequency to meet the needs of investors for a more continuous trading inthese securities. Within each group and during each fixing, lots are formedwith all securities having received new orders since the previous fixing.Every lot is open for trading in a given sequence and during a given periodwhere the market can be completed by the trading members.
At the end of the opening period, trades are matched automatically andorders are executed at the price at which the highest volume can betraded. The execution priority is based first on price then on time.
Trading members have direct access to the market via their workstationsto input, change or delete orders. All trades and prices done during thetrading session are displayed immediately on the workstations. Prices andvolumes traded (aggregated) are published in the official price list.
Since the beginning of 2002, members may report block trades executedoff the order book to the stock exchange for the purpose of publication inthe official price list.
Quotations of securities take place, on top of the euro, in foreigncurrencies. Fixed-income securities are quoted as a percentage of theirnominal value.
The market
Clearing and settlement
The settlement of transactions is done through any clearing systemrecognised by the Luxembourg Stock Exchange. The settlement ofsecurities must take place on the third business day following the trade day.
Brokerage
Brokerage fees are fully negotiable. No tax is withheld from transactionscarried out on the Luxembourg Stock Exchange.
SAM access platform
The Luxembourg Stock Exchange has entered into a development, licenceand distribution agreement with GL TRADE, one of the world’s leadingproviders of electronic trading solutions, so as to provide access to the SAM market via a dedicated trading station.
Connection to GL NET, which is the proprietary network of GL TRADE, was completed in the last quarter of 2003. The implementation of thissolution enables both Luxembourg-based members and cross and remotemembers based in other jurisdictions (France, Belgium, Netherlands, etc…)to access the SAM central system. In addition, the five hundred banks andinternational institutions already operating on GL NET may have thepossibility to directly access the Luxembourg market.
As a matter of fact, the new platform provides the Stock Exchange’smember firms with a high technology system based on an evolutionaryand integrated solution, which has the capacity to meet their present andfuture needs, in particular the possibility to reach other markets accessiblethrough a single infrastructure.
The service is offered at a very competitive price. The Luxembourg StockExchange is responsible for the granting of the licences and forinstallations at a European level. Any further information can be obtainedfrom the commercial department of the Luxembourg Stock Exchange (see “Useful contacts”).
The market
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24FactBook 2004
Guidelines for membership The regulatory framework
Trading on the Luxembourg Stock Exchange may be performed only bythe members duly authorised to trade in this market. Since its inception,the Luxembourg Stock Exchange has granted approval to trade in themarket to two types of persons/members, i.e. on one hand to creditinstitutions and on the other hand to brokers.
The Investment Services Directive allows the investment firms authorisedin their country to provide certain investment services to join theLuxembourg Stock Exchange without being required to operate fromLuxembourg. Since January 1, 1996 an investment firm from one membercountry of the European Union may offer its services either through abranch or by applying the freedom of services in other countries of theEuropean Union, provided it has been duly authorised by the authorities ofits country of origin. The same principles also apply to the creditinstitutions originating from the same countries of the European Union inaccordance with the second Banking Directive, which has introduced theEuropean passport concept for the banks.
As of November 16, 2000, Euronext market undertaking membersqualifying for the European passport may have direct access to theLuxembourg Stock Exchange, within the framework of theEuronext/Luxembourg Stock Exchange cooperation agreement.Luxembourg Stock Exchange members may have direct access to theEuronext market undertaking.
Application for membership
Admission to the Luxembourg Stock Exchange covers both the member,whether it is a natural person or a legal entity meeting the requirements of theInvestment Services Directive, and the persons who shall represent theauthorised members and act as liaison officers between the member and theStock Exchange, or as trading managers supervising trading in the market.
The members shall be credit institutions or investment firms granted anauthorisation given by the competent authorities of their home country andcovering at least the services listed below:
• execution of orders in the financial instruments admitted to listing onthe Luxembourg Stock Exchange;
• trading in these instruments on their own behalf.
In order to be granted and maintain membership status, applicants shallmeet a variety of requirements in terms of reliability, expertise, reputationand capital.
Membership
Members must comply with the requirements contained in the Rules andRegulations of the Luxembourg Stock Exchange, any measures ordecisions made pursuant to such requirements, and any furtheramendment thereto. Members are granted access to the trading systemand services of the Luxembourg Stock Exchange by the Board of directors.
Luxembourg-based members obtain their approval, i.e. the passport, fromthe Commission de surveillance du secteur financier (CSSF). Firmsapplying for mere remote membership should be in contact with theLuxembourg Stock Exchange. Firms considering also offering services inLuxembourg inform their competent authorities. They must submit a list ofthe activities conducted and a number of other particulars.
The Capital Adequacy Directive aims at harmonising the regulationsconcerning the financial soundness of the investment firms within theEuropean Union. With regard to membership applications, particularattention shall be paid to the members’ capital, in line with the Directive’sprovisions, and the size of the initial capital. The adequacy of the remotemembers’ capital shall be determined and supervised by the homecountry authorities.
Any application shall be supported by a variety of documents andinformation, which may be obtained by contacting the Luxembourg StockExchange, which coordinates the membership application procedure.
Direct access to SAM
The members authorised to trade in the securities listed on theLuxembourg Stock Exchange have direct access to the AutomatedTrading System SAM of the Luxembourg Stock Exchange. In terms oflisted securities, accessing the market directly means that authorisedbanks and investment firms have access to one of the most internationalstock exchanges in the world.
Disciplinary sanctions
In the event of behaviours or actions which might give rise to disciplinaryprocedures, the Board or the Market Surveillance Committee mayinvestigate the matter and decide on sanctions as laid down in the Rulesand Regulations.
Membership fees
Stock exchange membership shall be subject to an admission fee (one-off fee) and an annual membership fee for the member and thepersons representing the member. The fees are determined annually,pursuant to a special schedule, by the Board, and for the year to come.
In addition, members trading on the market are submitted to specificlicence fee(s).
Please contact the Luxembourg Stock Exchange to obtain additionalinformation.
Membership
25FactBook 2004
26FactBook 2004
Stock Exchange membersCredit institutions
ABN AMRO Bank (Luxembourg) S.A.American Express Bank (Luxembourg) S.A.Bank Insinger de Beaufort N.V. (Euronext cross member)
Bank of Bermuda (Luxembourg) S.A.Bank of New York (Luxembourg) S.A. (The)Bank of Tokyo-Mitsubishi (Luxembourg) S.A. (The)Banque de Luxembourg S.A.Banque Degroof Luxembourg S.A.Banque et Caisse d’Epargne de l’Etat, LuxembourgBanque Générale du Luxembourg S.A.Banque LBLux S.A.Banque Privée Edmond de Rothschild Europe S.A.Banque Raiffeisen S.C.Banque Safra-Luxembourg S.A.BNP Paribas LuxembourgBNP Paribas Securities Services (succursale de Luxembourg)Citibank International Plc (succursale de Luxembourg)Commerzbank International S.A.Crédit Agricole Investor Services Bank Luxembourg S.A.Crédit Lyonnais Luxembourg S.A.Danske Bank International S.A.Deutsche Bank AG LondonDeutsche Bank Luxembourg S.A.Dexia Banque Internationale à Luxembourg S.A.Dresdner Bank Luxembourg S.A.DZ Bank International S.A.Fideuram Bank (Luxembourg) S.A.Fimat International Banque S.A. (UK branch) (Euronext cross member)
Fortis Bank Nederland N.V. (Euronext cross member)
Fortis Banque S.A. (Euronext cross member)
HSBC Dewaay S.A. (succursale de Luxembourg)HSBC Trinkaus & Burkhardt (International) S.A.HVB Banque Luxembourg S.A.IMI Bank (Luxembourg) S.A.ING Luxembourg S.A.J.P. Morgan Bank Luxembourg S.A.Kaupthing Bank Luxembourg S.A.Kempen & Co N.V. (Euronext cross member)
Kredietbank S.A. LuxembourgeoiseLloyds TSB Bank Plc (succursale de Luxembourg)Mizuho Trust & Banking (Luxembourg) S.A.Nikko Bank (Luxembourg) S.A. (The)Nomura Bank (Luxembourg) S.A.Rabo Securities N.V. (Euronext cross member)
Sal. Oppenheim Jr & Cie Luxembourg S.A.Sanpaolo Bank Luxembourg S.A.Société Européenne de Banque S.A.
Société Générale Bank & Trust S.A.State Street Bank Luxembourg S.A.Svenska Handelsbanken Luxembourg S.A.UBS (Luxembourg) S.A.Van der Hoop Effektenbank N.V. (Euronext cross member)
WestLB International S.A.
Brokers
AOT Securities B.V. (Euronext cross member)
CLC Bourse S.A. (Euronext cross member)
Compagnie Financière et Boursière Luxembourgeoise S.A. - COFIBOLCredit Suisse Asset Management Fund Service (Luxembourg) S.A.Dierickx, Leys & Cie N.V. (Euronext cross member)
Fidelity Investments Luxembourg S.A.Foyer Asset Management, Compagnie Luxembourgeoise S.A.Franklin Templeton International Services S.A.ING Financial Markets (Euronext cross member)
KBC Securities N.V. (Euronext cross member)
Leleux Associated Brokers (Euronext cross member)
Merrill Lynch (Luxembourg) S.à r.l.Petercam S.A. (Euronext cross member)
Probrokerage B.V. (Euronext cross member)
Timber Hill Europe AG (Euronext cross member)
UBS Fund Services (Luxembourg) S.A.V.M.S. Luxembourg S.A.
Membership
27FactBook 2004
Services
In an environment increasingly marked by Internet and e-commerce, theLuxembourg financial centre faces a growing demand for comprehensiveand reliable data.
In addition to its listing and market operations, the Luxembourg StockExchange provides a wide range of services to the Luxembourg andinternational financial community. Fundamentally these services cover datadissemination and trading-related activities.
Data disseminationData vending
Given both the number and types of securities listed in Luxembourg andthe focus on the UCITS industry, the Luxembourg Stock Exchange hasdeemed it relevant to develop a line of products meeting the needs of themarket operators. To make full use of the potential synergy, the StockExchange acquired CCLux, a company dedicated to the collection,processing and distribution of data related to Luxembourg-registeredundertakings for collective investment.
As a result, the Luxembourg Stock Exchange is developing a platform whichwill allow for the consultation and exchange of data (prices, corporateevents…) and documentation by a variety of users and entities, such asnational and international newspapers, financial institutions, data vendors,auditors, retail and institutional investors, and professional operators.
Legal reporting
CCLux is now the single communication channel recognised for legalreporting from fund administrations to supervisory authorities such as theCSSF.
The implementation of an exchange portal in 2004 will facilitate andaccelerate registration and reporting processes with the competentauthorities (CSSF, Luxembourg Stock Exchange, Clearing Systems). This new tool will also allow an on-line follow up for the various processes(i.e. visa, listing) through a secured communication network.
28FactBook 2004
Stock ExchangeCCLux
STOCK EXCHANGE/CCLUX SERVICES
Professional
Investors
Private
Investors
Banking &
Financial
Institutions
Reporting
SAM
ExchangeSupervisory
Authority
Collection of Data
DATABASEMarket/Security/Information
Market
MFX
Data
Dissemination
Products
Help Desk
Listing Stops on BearerSecurities
Media
Data Vendors
Banking &
Financial
Institutions
GL NetSE Server
Consultation
Portal
Consultation portal
The Luxembourg Stock Exchange has implemented a new consultationportal. Data concerning listed securities as well as Luxembourg-domiciledUCIs therefore are now available via Internet.
The consultation portal initially enables both professional and retailinvestors to retrieve high added value information and documents on listedsecurities and undertakings for collective investment.
A search tool is supplied to browse through the database which contains:
• current and historical net asset values (for more than 12,000 types of shares),
• descriptive and reference data,• electronic documents such as prospectuses, annual and semi-annual
reports, and financial statements.
Services
29FactBook 2004
30FactBook 2004
Trading-related and other information technology services
Trading on Euronext
The cooperation agreement signed with Euronext in November 2000 hasbrought the Luxembourg Stock Exchange to offer to its members a tradingsolution with a direct access to Euronext.
The solution itself represents a competitive advantage in respect offinancial terms, future developments and related services.
Reporting of trades
Under the Grand-Ducal regulation of December 23, 1999, investment firmshave the obligation to electronically report to their regulatory bodies all thetrades which they have executed in securities traded in a regulated marketbased in a Member State of the EEE.
The Luxembourg Stock Exchange has offered since 2000 an electronicfacility used by credit institutions and brokerage companies, whether ornot they are members of the Stock Exchange, to report their trades in asecured manner to the regulatory bodies such as the CSSF.
Backup solutions
Thanks to its expertise in the development of IT services, the LuxembourgStock Exchange is also well placed to offer its customers backup solutionsfor a majority of products for which it ensures the service.
31FactBook 2004
Enhancing the Stock Exchange’s International Presence
In addition to the line of services which its renders to the domestic marketoperators, the Luxembourg Stock Exchange conducts internationallyoriented activities.
Following its agreement with Euronext, the Luxembourg Stock Exchangeplans to implement a modern platform for providing cross access to itsown market and to the Euronext markets not only to resident memberfirms, but also to financial institutions throughout Europe.
As far as its listing operations are concerned, the Stock Exchange hascontinued to enhance its position in the international capital markets byconstantly upgrading its working environment. In so doing, and inparticular through the web-based systems which it has developed, theStock Exchange will provide for high-technology and smooth screeningand processing of the listing applications and of all the relateddocumentation communicated by the professionals.
For a number of years, the Luxembourg Stock Exchange has been amember of SIIA (Software and Information Industry Association) and of theAssociation’s Financial Information Services Division. This enables theStock Exchange not only to enhance its own programme of data vendingproducts, but also to be involved in the reflections conducted by thefinancial data industry at large.
The Luxembourg Stock Exchange actively takes part in the meetings andreflections of both the Federation of European Securities Exchanges and theWorld Federation of Exchanges. It also is an associate member of IOSCO.
Furthermore, the Stock Exchange pays attention to the current and expectedchanges to the legal and regulatory EU framework governing the securitiesindustry. In this respect, it ensures to be adequately represented so as to airits views in the forums and bodies dealing specifically with all the draftdirectives and regulations impacting the Stock Exchange’s key activities.
Another segment is overall cooperation with foreign stock exchanges. The Luxembourg-listed securities originate from a variety of jurisdictionswith which some form of cooperation can be established for anappropriate exchange of information on the securities in question,including corporate actions, stock events. This has already taken the formof a Memorandum of Understanding with the Hong Kong Exchanges andClearing Limited. The Luxembourg Stock Exchange is prepared to enterinto similar agreements with other stock exchanges for serving the samepurposes and thereby contributing to improved market efficiency.
More generally the Luxembourg Stock Exchange participates in a variety ofeconomic missions conducted by the Luxembourg Chamber of Commercewhen such missions target a country or region of particular interest.
International operations
Publications
Periodicals
• The Luxembourg Stock Exchange Official Price List *
• Annual Report (French)
• FactBook *(English)
• Facts and Figures *(French - English)
• Stocks, shares and depositary receipts listed on the LuxembourgStock Exchange *(French - English)
• Mémento des valeurs de sociétés luxembourgeoises cotées(French)
• Publications journalières des oppositions sur titres au porteur (French)
(Basic rate: EUR 745.- annual)
• Relevé semestriel des oppositions sur titres au porteur (French)
(EUR 250.- annual)
• Bourse Informations *(French - English)
32FactBook 2004
Brochures and folders
• Rules and Regulations of the Luxembourg Stock Exchange *(French - English)
(EUR 12.50)
• Admission to official stock exchange listing and public offer of transferable securities *(French - English)
(EUR 12.50)
• Undertakings for Collective Investment(contains, inter alia, the law of March 30, 1988) *(French - English - German)
(EUR 18.50)
• Undertakings for Collective Investment(contains, inter alia, the law of December 20, 2002) *(French - English - German)
(EUR 18.50)
• Visa, listing and maintenance fees(French - English)
• The involuntary dispossession of bearer securities(French - English)
• The indices of the Luxembourg Stock Exchange, LuxX and Lux Général *(French - English)
* Publication available on our consultation portal www.bourse.lu
Publications
33FactBook 2004
Thursday January 1st New Year’s Day
Friday April 9th Good Friday
Monday April 12th Easter Monday
Thursday May 20th Ascension
Monday May 31st Whit-Monday
Wednesday June 23rd National day
Monday November 1st All Saints’ Day
Friday December 24th Christmas Eve
34FactBook 2004
2004 Exchange holidays
35FactBook 2004
PHONE
+352 47 79 36
Management
Executive CommitteePresident & CEO Michel Maquil - 272Member of the Executive Committee Axel Forster - 249Member of the Executive Committee Dominique Valschaerts - 581
Departments & FunctionsIssuers Paul Altman - 264
Carlo Oly - 227Alex Picco - 261
Market/surveillance/statistics Johan Thiriart - 200Christophe Guillaume - 212Guy Weymeschkirch - 236
Legal and compliance Daniel Dax - 248- Stops on bearer securities Corinne Schreiner - 259Strategy and membership Daniel Dax - 248Commercial activities Antoine Wagner - 281- Trading systems technology Antoine Wagner - 281- Data vending/Stock Exchange René Braun - 342- Data vending/CCLux Sébastien Bos - 585- Helpdesk/customer support Marie-France Frank - 330Securities Quality Control & Follow-Up Jacques Prange - 528Press relations Christian Descoups - 272Investor education/training Pierre Malanda - 284Internal audit Carlo Mouschang - 253Logistics/publications development Roger Flener - 279Human resources/budget Nadine Pomes - 348Accounting Johnny Hentges - 254 Invoicing Luc Lepasch - 388Information technology Didier le Meur - 286
Bernard Simon - 300Marcel Hoffmann - 283
Dominique Husson - 206Frédéric Makuc - 306Eric Pantalone - 351
P.O. Box 165, L-2011 LuxembourgTel. +352 47 79 36-1 - Fax +352 47 32 98e-mail: [email protected] - www.bourse.lu
Useful contacts
History
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 ofissue
1974 September 9 Creation of a Committee of EEC Stock Exchanges, of which theLuxembourg Stock Exchange is a founding member. ThisCommittee became the Federation of European Stock Exchanges
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 respectivecurrencies of issue
1985 January 2 Start of the computation of new Luxembourg share indices, the Price index and the Return index, basis 1,000
1987 January 16 First listing of a US dollars Euro Medium Term Note (EMTN) by acorporate issuer: Pepsico Inc.
1988 March 30 Law and Grand-Ducal regulation relating to Undertakings forCollective Investment (UCIs) implementing into Luxembourg lawthe 1985 EEC directive. Luxembourg was the first member state ofthe EEC to adopt a new framework relating to investment funds.This triggered off a rapid growth of the investment fund industry inLuxembourg
October 4 First listing of a global bond: 1.5 billion US dollars, World Bank,1989-99
1990 September 21 New legal framework covering stock exchange business andgiving the Luxembourg Stock Exchange the competence to grantthe visa with regard to listing particulars
36FactBook 2004
November 28 Listing of the 10,000th security on the Luxembourg Stock Exchange
December 26 Listing of the first Global Depositary Receipt issued by a Koreancompany: 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 isdecided by the Stock Exchange’s Board of directors. The strategywas to be based on a new development in the field of IT, as regardthe SAGE applications relating to the administrative tasks and thefollow-up of securities as well as the new trading system SAM
1995 May 24 Visit by His Royal Highness Grand-Duke Jean to the LuxembourgStock 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 bythe Government. The terms and conditions of the concession aimat safeguarding the role of the Luxembourg Stock Exchange in theLuxembourg financial centre in order to keep up with theenvironment of financial markets and stock exchanges within theEuropean 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, basis 1,000
2000 November 16 Cross access and cross membership agreement between theLuxembourg Stock Exchange and Euronext
2002 May 31 Listing of the 25,000th security on the Luxembourg Stock Exchange
History
37FactBook 2004
Laws and regulations
Provisions governing Stock Exchange business in transferable securities and securities trading in Luxembourg 2002-2003
2002 January 13 Grand-Ducal regulation defining the trade information to beprovided to investors by the stock exchanges in respect of markettransparency
January 21 Grand-Ducal regulation relating to the taxes to be collected by theCommission for the Supervision of the Financial Sector (CSSF)and amending the Grand-Ducal regulation of March 31, 1996concerning the concession to the Luxembourg Stock Exchange
May 14 Law implementing in the amended law of April 5, 1993 on thefinancial sector Directive 2000/28/EC amending Directive2000/12/EC relating to the taking up and pursuit of the business ofcredit institutions and Directive 2000/46/EC on the taking up,pursuit of and prudential supervision of the business of electronicmoney institutions
July 15 CSSF 02/66 circular: supplements CSSF circular 00/16, 01/31,01/37, 01/48 and IML 94/112 concerning the fight against money laundering and the prevention of the use of the financialsector for money-laundering purposes
August 2 Law on the protection of individuals with regard to the processingof personal data
October 10 CSSF 02/71 circular relating to the law of September 3, 1996 onthe involuntary dispossession of bearer securities (stops)
October 15 CSSF 02/73 circular: supplements CSSF circular 00/16, 01/31,01/37, 01/48, 02/66 and IML 94/112 concerning the fight againstmoney laundering and the prevention of the use of the financialsector for money-laundering purposes
November 27 CSSF 02/77 circular on investor protection in the event oferroneous NAV calculation and on repairing of the consequencesof the non-observance of the rules of placement which areapplicable to undertakings for collective investment
November 27 CSSF 02/78 circular specifying the reporting obligation inconnection with the fight against money laundering and on theprimary offences which may lead to money-laundering offences
December 5 CSSF 02/80 circular concerning the rules applicable toLuxembourg undertakings for collective investment pursuingalternative investment strategies
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December 20 Law implementing, inter alia, Directive 2001/107/EC and Directive2001/108/EC amending Directive 85/611/EEC of December 20,1985 on the coordination of laws, regulations and administrativeprovisions relating to undertakings for collective investment intransferable securities (UCITS)The Law of December 20, 2002 will eventually supersede but doesnot immediately abolish the Law of March 30, 1988 on UCITSwhich will remain in force until February 13, 2007
2003 January 15 CSSF 03/86 circular: supplements CSSF circulars 00/16, 01/31,01/37, 01/48, 02/66, 02/73 and IML 94/112 regarding the fightagainst money laundering and the prevention of the use of thefinancial sector for money-laundering purposes
January 21 CSSF 03/87 circular on the implementation of the Law ofDecember 20, 2002 relating to undertakings for collectiveinvestment
January 21 CSSF 03/88 circular on the classification of undertakings forcollective investment governed by the Law of December 20, 2002relating to undertakings for collective investment
February 18 CSSF Circular 03/93 circular: supplements CSSF circulars 00/16,01/31, 01/37, 01/48, 02/66, 02/73, 03/86 and IML 94/112regarding the fight against money laundering and the prevention ofthe use of the financial sector for money-laundering purposes
February 26 CSSF 03/95 circular on Banks issuing mortgage bonds: minimumrequirements regarding management and control of the pledgeregister, cover assets and the limit of mortgage bonds incirculation
February 28 Ministerial decree approving amendments to the Rules andRegulations of the Luxembourg Stock Exchange with regard to theLuxembourg Stock Exchange Committee (chapter II), to theLuxembourg Stock Exchange members (chapter IV) and to therules to access the Luxembourg Stock Exchange market system(chapter V)
February 28 CSSF 03/97 circular on the publication in the electronic referencedatabase of the financial centre (référentiel de la place) of thesimplified and full prospectuses as well as the annual and semi-annual reports by undertakings for collective investment
April 4 CSSF 03/100 circular: publication on the Internet of CSSFinstructions:- Recueil des instructions aux banques de la CSSF
(CSSF instructions for banks, CSSF Recueil)- Schedule of Conditions for the technical implementation of
the CSSF reporting requirements - SOC/CSSF
April 14 Grand-Ducal regulation determining the conditions and criteria forthe application of the subscription tax referred to in article 129 ofthe Law of December 20, 2002 relating to undertakings forcollective investment
Laws and regulations
39FactBook 2004
40FactBook 2004
July 1 CSSF 03/104 Circular: supplements CSSF circulars 00/16, 01/31,01/37, 01/48, 02/66, 02/73, 03/86, 03/93 and IML 94/112regarding the fight against money laundering and the prevention ofthe use of the financial sector for money-laundering purposes
July 30 CSSF 03/108 circular on the Luxembourg management companiessubject to Chapter 13 of the Law of December 20, 2002 relating toundertakings for collective investment, as well as on Luxembourgself-managed investment companies subject to Article 27 orArticle 40 of the Law of December 20, 2002 relating toundertakings for collective investment
August 2 Law - amending the amended law of April 5, 1993 on the financial sector,- amending the law of December 28, 1998 creating the CSSF -
Commission for the supervision of the financial sector,- amending the law of May 31, 1999 governing the domiciliation
of companies
October 21 CSSF 03/113 circular on the practical rules on the mission of theauditors by investment firms
December 19 CSSF 03/122 circular: clarifications on the simplified prospectus
41FactBook 2004
History of the euro and measures governing its launch
1951 April 18 Signature of the Treaty of Paris establishing the European Coaland Steel Community (ECSC)
1952 May 27 The Treaty of Paris came into force
1957 March 25 Signature of the Treaties of Rome establishing the EuropeanEconomic Community (EEC) and the European Atomic EnergyCommunity (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 EuropeanEconomic and Monetary Union
1972 April 24 Creation of the European Monetary Snake, that harmonisedfluctuations among the European currencies by limitingmovements 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 ofthe European Currency Unit ECU
1986 February 17+28 Signature of the Single European Act fixing the year 1992 for theSingle Market coming into force
1987 July 1 Coming 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 EconomicArea
1994 January 1 • Start of stage II of the EMU • Establishment of the European Monetary Institute (EMI)
1995 December 15, 16 The Madrid European Council selected “euro” as name for theEuropean currency
Euro history and provisions
42FactBook 2004
1996 December 13, 14 The Dublin Summit defined the legal statute of the euro andprepared the ERM II, that will govern the relations between thecurrencies of the participating countries and the other Europeancurrencies
1997 June 17 Regulation 1103/97 of EC Council fixing some dispositions relatingto the introduction of the euro. It provides the legal framework forthe use of the euro, which from January 1, 1999 will become acurrency in its own right. The official Ecu basket will cease to exist
October 2 Signature of the Amsterdam Treaty amending the Treaty on theEuropean Union, the Treaties establishing the EuropeanCommunities and certain related acts
1998 May 2, 3 • The European Council drew up the list of the 11 Member States which will take part in the Monetary Union on January 1, 1999
• Announcement of bilateral parities between the currencies of thecountries taking part in the Monetary Union
• Establishment of the European System of Central Banks (ESCB),uniting the national central banks and the European Central Bank(ECB)
• Regulation 974/98 of the EC Council on the introduction of theeuro
July 1 Establishment of the ECB, that succeeds the EMI
December 31 Fixing of the irrevocable parities at which the 11 participatingnational currencies convert to the euroFixing of the value of the euro on the basis of 1 euro = 1 ECU
1999 January 1 • Start of stage III of the EMU• Launch of the euro that became the sole currency for the
euro-zone economy. National denominations became odd-numbered sub-units of the euro
• The ECB became the central bank for the 11 participatingcountries and conducts the single monetary policy whoseimplementation will be ensured by the national central bankswithin the framework of the ESCB
January 4 First quotation in euro on the foreign exchange and capitalmarkets
2001 January 1 Greece becomes the 12th Member State to join EMU
2002 January 1 Completion of the changeover to the euro in the euro-zonecountries
