Forum Views - March 2023

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corporate issuers’ access to international investors. Signed

with the State Bank of India (SBI) and the India International

Exchange (IFSC) Limited (India INX) respectively, these

MoUs - which were aimed at promoting green finance in

India - marked the first two agreements ever to be signed by

LuxSE with Indian institutions.

In recent years, LGX has placed a strong emphasis on

helping issuers across emerging economies break into the

realm of sustainable finance, introducing a number of new

initiatives and services in the process.

In May 2020, LuxSE established the LGX Academy, which

offers sustainable finance courses to financial

professionals across developed and emerging markets,

providing a hands-on pragmatic tool to navigate the

market’s complexities.

Later that year, the LGX DataHub was launched. A

centralised database providing investors and asset

managers with granular and structured sustainability data,

it covers close to the entire universe of the world’s listed

sustainable debt securities, helping users to understand

and compare the green and social impact of different GSSS


In 2021, LuxSE also established the LGX Assistance

Services to support potential issuers that are eager to enter

the sustainable bond market. Through this service,

sustainable finance experts assist issuers in the pre-

issuance process in a number of ways, such as providing

technical support with the structuring and review of the

framework, peer comparison, as well as guidance on the

post-issuance allocation and impact reporting best


Debates around sustainability and India’s net zero

commitments will undoubtedly continue to impact the

country's rapidly evolving financial landscape over the

coming years - and in LuxSE, Indian market participants

have a strong and well-versed ally that could play an

important role in helping accelerate this much-needed


Transparency and education to broaden the reach of

sustainable finance

In May 2020, LuxSE established

the LGX Academy, which offers

sustainable finance courses to

financial professionals across

developed and emerging

markets, providing a hands-on

pragmatic tool to navigate the

market’s complexities.

Building on these MoUs, in June 2022 India INX and LuxSE

took another important step by signing a first cooperation

agreement to enhance the visibility of listed Indian

securities towards international investors by facilitating the

admission of such securities on LuxSE.

During the ceremony held in India’s Gujarat International

Finance Tec (GIFT) city, the parties also announced the

admission on LuxSE of a green bond issued by the Indian

company Power Finance Corporation. The EUR 300 million

green bond, which was already listed on India INX, is now

also registered on LuxSE’s Securities Official List and

displayed on the Luxembourg Green Exchange (LGX),

LuxSE’s sustainable finance platform. This is the second

Indian green bond to be displayed on LGX, the first one

being a USD 650 million green bond from the State Bank of

India that was listed at LuxSE and displayed on LGX in

November 2020.

Ever since the emergence of sustainable finance, LuxSE has

been a driving force in bringing sustainable investment

opportunities to the market through LGX, the platform

recognised by the United Nations for its leading role in

advancing the sustainable finance agenda.

Today, LGX displays over 1,600 sustainable bonds from 260

issuers in 50 countries, raising a total of EUR 840 billion for

sustainable development across the world, and making it

the world’s leading platform for green, social, sustainability

and sustainability-linked (GSSS) bonds.

LuxSE and LGX - helping pave the way towards net zero

Arnaud Delestienne, Director of International Capital Markets, Member of the

Executive Committee

He is the Director of International Capital Markets and a member of the Executive

Committee of the Luxembourg Stock Exchange (LuxSE) where he leads the firm’s

overall commercial strategies and its international primary market activities.

Before joining LuxSE, Arnaud spent 23 years at Clearstream, where he honed his

expertise in network management and product development while holding

positions as Executive Vice-President and head of its Eurobonds business line.

Over the past two decades, he has experienced and contributed first-hand to the

transformation of the Eurobond issuance process with its implication for post-

trade activities. He was also appointed to various international trade

associations and industry working groups, including the International

Organisation for Standardisation (ISO), the Association of National Numbering

Agencies (ANNA) and the International Capital Market Association (ICMA).

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