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The inaugural edition of the New Financial International Financial Centres Index ranks Luxembourg as the 2nd financial centre in the European Union, after the UK. In terms of international activity, Luxembourg even ranks 3rd globally behind the US and UK but ahead of major European and Asian financial centres such as Hong Kong, Singapore, Germany or France.

The law, which entered into force on July 1st, establishes the legal framework for a new type of covered bond to finance the generation of renewable energies. This is the first law globally to establish a Green Covered Bond and underlines Luxembourg’s commitment to help drive global innovation in sustainable finance.

Over the course of the last decades, Luxembourg has built a financial services industry that is specialised in cross-border activities. Well known for its funds, wealth management, insurance and capital markets activity, Luxembourg is maybe less known for its corporate finance services.

One of the most striking characteristics of Luxembourg’s financial industry is the international make-up of its work force. Although the diverse background of so many people means they do not all have English as their mother tongue, it has become the common business language.