Lang & Schwarz Faces a New Trading Model After Trade Republic Breakup
Published on 07/17/2026 at 06:05 | Redaktion boerse-global.de
Lang & Schwarz is trying to steady investors after one of the sharpest disruptions in its recent history. The trading venue operator said on 16 July 2026 that it cannot fully replace the order flow it lost when Trade Republic ended their exclusive partnership earlier in the month, but it also pointed to a stronger derivatives business as evidence that the company is not entirely dependent on a single large client.
The break came after Trade Republic announced in an ad-hoc statement on 2 July 2026 that it was switching to its own trading technology. For Lang & Schwarz, the impact was immediate and severe: trading volumes at times collapsed by as much as 96 percent, while the shares fell by as much as 45 percent at their worst. Trade Republic had been the company’s central source of orders for years, so the loss hit the market-making business directly.
That damage has now forced a strategic rethink. Lang & Schwarz said it wants to establish a new multi-market-maker model by the end of 2026, but the structure still requires approval from the financial regulator. The company gave few details beyond that, leaving the timetable uncertain. It also openly acknowledged that the missing Trade Republic order flow is unlikely to be replaced in full.
Should investors sell immediately? Or is it worth buying Lang & Schwarz?
One area offering some support is the derivatives division. In the first half of 2026, that segment generated a result of EUR 30 million, up EUR 10 million from the same period a year earlier. The company also said the number of its own products rose by 66 percent to 75,000. Those figures are meant to show that Lang & Schwarz still has more than one profit engine, even as its core trading activity comes under pressure.
The market’s verdict has been harsh. By Thursday’s close, the stock was at EUR 15.32. That left it down 43.88 percent over 30 days and 14.89 percent over the past week. The shares had already touched a new 52-week low of EUR 14.35 on 14 July, and the Relative Strength Index of 13.5 pointed to a deeply oversold condition.
For now, the company’s message is clear: the business has not been broken, but the old model has been. Whether the planned multi-market-maker setup can compensate for the loss of Trade Republic will depend on both regulatory approval and how quickly Lang & Schwarz can build a broader trading network.
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