Lang & Schwarz Tries to Rebuild After Trade Republic Shock
Published on 07/17/2026 at 06:14 | Redaktion boerse-global.de
Lang & Schwarz is entering the second half of 2026 with two very different messages for investors: one business line is running stronger, while the company’s core market-making operation is still dealing with the fallout from the loss of Trade Republic.
In a statement released on 16 July 2026 at 13:21, the trading venue operator said its derivatives business generated EUR 30 million in the first half of 2026. That was EUR 10 million more than in the same period last year. The company also said the number of its own products climbed to 75,000, up 66 percent, while elsewhere it described more than 75,000 new products versus around 45,000 a year earlier.
The upbeat figures do not erase the damage done by the end of the exclusive partnership with Trade Republic at the start of July. The neobroker said in an ad-hoc announcement on 2 July 2026 that it had switched to a new technology setup. For Lang & Schwarz, the change removed a key source of order flow. The company said trading volumes at one point collapsed by as much as 96 percent, and the share price fell by up to 45 percent.
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Management is now aiming to move away from reliance on a single partner. Lang & Schwarz plans to introduce a new multi-market-maker model by the end of 2026, or by year-end, depending on the wording of the company’s update. It has not yet received approval for the new structure. The firm also made clear that the order flow lost with Trade Republic is unlikely to be fully replaced.
The strain is showing up in the market. After briefly recovering on Thursday, the stock ended the session at EUR 15.32. That left it 14.89 percent lower on the week, even though it had closed at EUR 14.95 on Wednesday and was up 2.47 percent on the day. On 14 July 2026, the share had touched a 52-week low of EUR 14.35, putting the latest price about 6.76 percent above that level.
Technically, the picture still looks stretched. The 14-day Relative Strength Index stands at 13.5, a reading that points to an extremely oversold stock. Lang & Schwarz described its capital base as solid, but the central issue remains the same: the company has shown that structured products are performing well, yet the loss of Trade Republic has left its market-making model under pressure.
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