Working group


The main purpose of the Infrastructure Working Group is to provide an information exchange forum for market infrastructure providers and users to discuss infrastructure-related developments.

In order to foster a comprehensive industry approach, ABBL and LuxCMA are jointly operating the Infrastructure Working Group, combining the expertise from both associations in a single forum.

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The Infrastructure Working Group covers various topics relating to the functioning of primary and secondary capital markets, for both the (pre-)trade and the post-trade dimensions. This includes regulatory developments relating to the operation of financial markets infrastructures, such as MIFID/MIFIR, EMIR and CSDR, as well as initiatives led by authorities such as the European Central Bank (e.g. T2/T2S, ECMS), that have a considerable impact on market participants.

It also provides a forum to exchange and coordinate positions on emerging subjects, such as the adoption of new technologies or the transition to T+1 as new settlement standard.


Isa Ribeiro

Clearstream Banking


Arnaud Delestienne

Luxembourg Stock Exchange


Catarina Marques

Clearstream Banking


  • Infrastructure
Proof-of-Concept l Structuring a DLT debt insurance in Luxembourg

1 April 2022

Distributed Ledger Technologies (#dlt ) will be a major development in the digital transformation and have a significant impact on the financial sector in the decade to come. Our LuxCMA Infrastructure Working Group has the pleasure to release today their latest paper illustrating how DLT can be leveraged by the entire value chain to support the issuance, transfer and servicing of a debt instrument in the capital markets.

Infrastructure l Luxembourg Capital Markets Landscape for Debt Instruments

8 November 2021

Luxembourg is widely recognised as a major player in the international debt capital markets, with a strong market infrastructure, a responsive regulator and unparalleled economic stability. However, navigating this ecosystem is not always easy. To assess and understand the different components of the Luxembourg primary market value chain with a comprehensive review of each of the related main activities and key, have a look to our Luxembourg Capital…

Infrastructure l Recommendations for a smooth transition to risk-free rates

13 July 2021

With the announced discontinuation date for London Inter-bank Offered Rates (LIBOR) at the end of 2021, LuxCMA - Luxembourg Capital Markets Association invites the different stakeholders across the securities value chain, from issuers to investors, to consider taking the necessary actions in order to ensure, where appropriate, a smooth transition to Alternative Reference Rates (ARR) / Risk-Free Rates (RFR) in replacement of Interbank Offered Rates (IBOR), in both…

Blockchain l Newsflash on Bill 7637

22 January 2021

Luxembourg’s legal framework now recognises the use of #DLT technology to issue and settle dematerialised securities. Bill 7637 (to be referred to as the Blockchain II Act 2021) was approved by the #Luxembourg Parliament on 21 January 2021.


3 questions to… Arnaud Delestienne

1️⃣ What are the 3 key benefits of the use of DLT for raising capital?

2️⃣ What is needed for a broader adoption of native DLT securities issuances?

3️⃣ How can issuers increase market visibility for their DLT securities?

Arnaud is sharing some of her thoughts with us!