Lang & Schwarz AG operates as a holding company for a group of financial services firms based in Düsseldorf, Germany, founded in 1996. The company develops and issues structured derivative products under its own name, including leverage products such as turbos, endless turbos, warrants on indices, equities, commodities, interest rates and currencies, themed certificates and wikifolio certificates; through its key subsidiary Lang & Schwarz TradeCenter AG & Co. KG, it runs Germany's leading over-the-counter trading platform, enabling clients of approximately 20 partner banks to trade domestic and foreign equities, funds, bonds, ETPs including ETFs, ETCs and ETNs, and Lang & Schwarz's proprietary products, while also serving as market maker and liquidity provider on LS Exchange, an electronic trading system of Börse Hamburg und Hannover AG for equities, ETFs, ETCs, ETNs and bonds; Lang & Schwarz Gate GmbH provides IT hardware, software and trading connectivity services internally and to third parties; and P3 finance GmbH, a joint venture with P3 group GmbH, develops digital financial solutions and operates the onelink trading system on LS Exchange. The group primarily serves retail investors across Germany and Europe through extended trading hours including weekends. In 2024, P3 finance successfully launched the innovative onelink trading system on LS Exchange in late August, replacing the prior system to enhance performance, resilience and scalability for growing volumes; the company also reported record revenues and outstanding quarterly results in 2025, raised its full-year forecast in October 2025 and announced management board changes in June 2025.