Interview with Chiara Caprioli, Regional Head for the Middle East, Africa, Southern Europe and France at the LuxSE
Topics: Capital Markets
Chiara Caprioli
Regional Head for the Middle East, Africa, Southern Europe and France at the Luxembourg Stock Exchange (LuxSE)
In this edition of SFF Magazine, we feature an interview with Chiara Caprioli, Regional Head for the Middle East, Africa, Southern Europe and France at the Luxembourg Stock Exchange (LuxSE). With more than 20 years of experience in business development, capital markets and sustainable finance, Chiara has been closely involved in LuxSE’s international expansion and in strengthening its role as a pioneer in sustainable finance. From the early days of the Luxembourg Green Exchange (LGX) to the launch of initiatives such as the LGX Academy and LGX DataHub, her work has contributed to making Luxembourg a global reference point for green, social and sustainability-linked finance.
In this interview, she reflects on the evolution of LuxSE and LGX, the deep ties with Spanish issuers, and the challenges and opportunities facing European capital markets as they navigate transparency, digitalisation and the transition to a more sustainable economy.
The Luxembourg Stock Exchange (LuxSE) plays a central role in Luxembourg’s financial ecosystem. Could you briefly describe its mission and how it contributes to positioning Luxembourg as an international financial centre?
LuxSE has been a cornerstone of Luxembourg’s financial landscape since 1928 – small country, big ambitions. As the only stock exchange in the country, LuxSE has naturally shaped Luxembourg’s reputation as a major financial hub.
A defining moment came in 1963 when LuxSE listed the world’s very first Eurobond, issued by Italian motorway operator Autostrade. Nobody could anticipate this would mark the beginning of a market that would ultimately bring Luxembourg to the forefront of international finance.
Today, we list over 48,000 securities, including 45,000 debt instruments, from 1,700 issuers in 100 countries. This international footprint reflects Luxembourg’s multicultural identity and the role we play in connecting issuers and investors across continents. And in recent years, our mission has naturally evolved toward helping issuers – especially those in emerging markets – enter international capital markets and secure the funding they need for economic growth and sustainable development.
“Today, we list over 48,000 securities, including 45,000 debt instruments, from 1,700 issuers in 100 countries. This international footprint reflects Luxembourg’s multicultural identity and the role we play in connecting issuers and investors across continents.”
Sustainability has become a defining element of LuxSE’s identity. What are some of the key initiatives or milestones that best reflect the Exchange’s long-standing commitment to sustainable finance?
Sustainability truly is part of LuxSE’s DNA. Our journey started back in 2007 with the listing of what is widely considered the world’s first green bond – the European Investment Bank’s inaugural Climate Awareness Bond. The World Bank followed in 2008. You could say we were in the room when green finance was born.
Fast-forward to 2016, when we launched the Luxembourg Green Exchange (LGX). I’m proud to have witnessed – and contributed to – its growth from the very beginning. LGX has constantly adapted to the evolving needs of issuers and investors, expanding far beyond labelled securities into education, data and issuer assistance.
“Our journey started back in 2007 with the listing of what is widely considered the world’s first green bond – the European Investment Bank’s inaugural Climate Awareness Bond. The World Bank followed in 2008. You could say we were in the room when green finance was born.”
Some key milestones:
- LGX Academy (2020): Created to close the knowledge gap in sustainable finance. Just last year, our experts trained over 130 professionals across countries ranging from Bhutan to Rwanda and Mongolia. Each training session reminds us how global sustainable finance has become.
- LGX DataHub (2020): Now used by major institutions such as the OECD, ICMA and the European Commission. It covers data about more than 22,000 sustainable bonds from 3,000+ issuers, representing EUR 5.6 trillion in financing and is truly unique for both its granularity and coverage.
We continually enhance the DataHub with new features – taxonomy alignment, KPI tracking for sustainability-linked bonds, impact metric estimation, and even a gender-focused filter for investors looking to support women’s empowerment.
- LGX Assistance Services: The “human side” of LGX – helping issuers structure their frameworks, align with industry standards and principles or EU regulations, and maintain strong post-issuance reporting. For many issuers, especially first-time ones, this guidance is key as it is completely customised.
LuxSE was a pioneer in launching LGX. How has the platform evolved, and what impact has it had globally?
LGX has evolved from a platform exclusively dedicated to green bonds into a comprehensive sustainable finance ecosystem. Today it hosts more than 2,400 bonds from 340 issuers across 60+ countries, raising over EUR 1.3 trillion for sustainable projects throughout the world.
Over the years, the LGX Platform has added dedicated windows for social, sustainability-linked bonds, taxonomy-aligned issuers, and even a flag for gender-focused bonds. It has grown into a global reference and earned UN recognition – a moment of great pride for our teams.
A major focus in recent years has been supporting emerging markets, which are often the hardest hit by climate change yet face the biggest barriers in accessing capital. Through capacity building under the LGX Academy, we’ve helped pave the way for groundbreaking issuances such as Sri Lanka’s first green bond, issued by DFCC and Cabo Verde’s first ever green bond, focused on the blue economy.
Other notable issuances from emerging markets are:
- City of Bogota’s first ever green bond, listed end November 2025
- East Africa’s first gender bond issued by NMB Bank
- HNCA’s first international green bond supporting sustainable aviation in China
- KHFC’s first social bond supporting affordable housing in South Korea
Each of these listings represents not just a financial instrument, but a real-world impact story – and we are honoured to play a role in making them possible.
But that is not all. LuxSE has recently introduced tools such as the Transition Finance Gateway and the EU Taxonomy Aligned Issuers Window, both aimed at improving transparency in sustainable finance and serving the full spectrum of issuers – from those just beginning their transition, including hard-to-abate sectors, to those already taxonomy-aligned. Supporting issuers at different stages of their sustainability journey and helping investors navigate increasingly complex regulatory and data requirements is what we are trying to achieve. Ultimately, these tools are designed to demystify a rapidly evolving landscape and make it easier for market participants to communicate their sustainability information with confidence. Investors have become more sophisticated when looking into ESG data!
Luxembourg has become a preferred listing venue for many Spanish companies. What explains this close relationship?
Our relationship with Spanish issuers goes back almost 40 years, to 1985, when the first Spanish security was listed at LuxSE. Since then, we’ve welcomed nearly 1,800 Spanish securities from 96 issuers, totalling over EUR 466 billion.
Why Luxembourg? Spanish issuers value our global visibility, the depth of our international investor base, our strong and stable AAA-rated environment, and our long-standing expertise in cross-border debt listings. Over the years, this has created a relationship built not just on transactions, but on trust.
What’s striking is that a great majority of these securities also appear on LGX—proof that Spanish issuers such as ICO, Iberdrola and Naturgy are deeply engaged in sustainable finance. In fact, these securities alone contribute more than EUR 436 billion to sustainable development and objectives.
Beyond labelled securities, several Spanish companies have data displayed on our Transition Finance Gateway and EU Taxonomy Issuers Window, highlighting issuers’ climate transition and reporting efforts to the interest of the market.
“Why Luxembourg? Spanish issuers value our global visibility, the depth of our international investor base, our strong and stable AAA-rated environment, and our long-standing expertise in cross-border debt listings.”
What are the main challenges and opportunities shaping European capital markets today—particularly around transparency, digitalisation and sustainability?
European capital markets are at a turning point.
New regulations are pushing transparency and reporting standards higher, which strengthens market integrity but also increases complexity for issuers. Navigating these evolving disclosure requirements is becoming a specialised skill.
Digitalisation is transforming issuance processes, unlocking better access to data and greater efficiency. However, to fully realise this potential, Europe needs more investment and greater market harmonisation. The opportunity is vast: enhanced efficiency, lower costs, and more integrated capital markets.
On sustainability, Europe has led the way in sustainable finance, presenting both challenges and opportunities. While many stakeholders support the EU’s green ambitions, there’s growing concern that ESG compliance has become overly burdensome. Taking stock of this concern, regulations like the CSRD, SFDR, and Taxonomy are being simplified, notably in the view of maintaining Europe’s global competitiveness, especially in comparison to the US and Asia.
The current pause on ESG regulation offers a crucial opportunity for the EU to reassess its approach striking a balance between maintaining ESG responsibility and fostering the agility needed for growth and innovation in the green economy.
How does LuxSE engage internationally to promote innovation and best practices?
Collaboration is at the heart of what we do. Our teams work closely with exchanges, regulators, financial institutions and issuers around the world because capital markets only thrive when they grow together.
Over the years, we’ve signed multiple MoUs and cooperation agreements with partners in countries such as Chile, China, Ivory Coast, Rwanda and Cabo Verde. Many of these focus on promoting cross-border listings, including capacity building around sustainable finance when possible.
“Our teams work closely with exchanges, regulators, financial institutions and issuers around the world because capital markets only thrive when they grow together.”
This collaboration has led to many important developments – especially within the realm of sustainable finance – including the establishment of the Blu-X platform at Bolsa de Valores de Cabo Verde (BVC) in 2023 as well as the Green Exchange Window (GEW) at the Rwanda Stock Exchange this year.
Peer-to-peer knowledge sharing is also an important part of our collaborative efforts. In 2023, the United Nations Stock Exchange initiative (UN SSEi) launched a dedicated training on gender equality in global capital markets dedicated to capital market participants for all markets of UN SSEi members. Since then, our experts at LuxSE have taken part in more than 15 training sessions dedicated to the development of gender finance with exchanges such as the Pakistan Stock Exchange, the Armenia, Georgian and Moldova Stock Exchanges and the Philippines Stock Exchange just to name a few.
Thanks to our long history in international markets, we’re often able to share practical insights with emerging financial centres—helping them develop their local markets and connect to global capital flows. One of the most rewarding aspects of this work is seeing how quickly knowledge transfer can accelerate market development.
Ultimately, international cooperation strengthens resilience, fosters innovation, and ensures that sustainable finance truly lives up to its global ambitions.