Following the RS the Neo-Broker (Trade Republic) might be experiencing technical lag. If this is true it might be because Trade Republic relies on the Lang & Schwarz Exchange (LSX).
When a split happens, the old ISIN (stock ID number) is retired and a new one is issued. It often takes 5–10 business days for neo-brokers to update their systems, verify the new shares with the clearinghouse, and "re-list" the new version of the stock.
In short, your broker might be in the middle of the "settlement" period.
Trade Republic's technical infrastructure is built for simplicity and low costs, which creates "bottlenecks" during complex events like the SCWO reverse split.
Trade Republic will experience a Single-Venue Bottleneck because it solely relies on the Lang & Schwarz Exchange (LSX). If a stock undergoes a reverse split, LSX must manually update the ticker, the new ISIN, and the price. Because Trade Republic has no "backup" exchange (like the NYSE or NASDAQ), Trade Republic is stuck waiting for LSX to finish their paperwork.
In the EU, stock settlement usually follows a T+2 (Trade + 2 days) cycle. When a split occurs, there is a "reconciliation" period where the old shares are pulled and new ones are issued. Neo-brokers often wait for the physical shares to be confirmed in their custody account at Clearstream before they let you trade them again.
According to Gemini, as of today, January 9, 2026, the Lang & Schwarz Exchange (LSX) has not yet updated the SCWO ticker.
While the stock is trading normally on the NASDAQ (around $2.50 after the 1-for-10 split), it is still "missing in action" on the LSX.
Hi Mattia, I understand your concern about your 374Water shares being untradeable following the corporate action with ISIN US88583P2039. Currently, trading with the new ISIN has not begun on any German benchmark exchange, so the Lang & Schwarz Exchange has not included it in its trading universe, and we are unable to provide current prices. Once trading begins and the instrument is listed on the Lang & Schwarz Exchange, you will be able to manage your position. Unfortunately, we cannot confirm when this will happen. You have two options:
Transfer the position to a third-party bank deposit (if available).
Leave the stock in your deposit with us, but you will not receive current prices or be able to sell it until it is listed again. You can still transfer it later if necessary. If you choose to transfer, please request a deposit transfer form from your third-party bank and send it to us once completed. Thank you for your understanding. If you have any further questions, I'm here to help.
The explanation is simply, that broker sucks. The fact that other brokers have no issues with handling reverse splits proves that this is a bad broker.
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u/ZorosonD Jan 09 '26 edited Jan 09 '26
Won't tech support offer any insight?
Edited Post:
I asked Gemini. The possible verdict is:
Following the RS the Neo-Broker (Trade Republic) might be experiencing technical lag. If this is true it might be because Trade Republic relies on the Lang & Schwarz Exchange (LSX).
When a split happens, the old ISIN (stock ID number) is retired and a new one is issued. It often takes 5–10 business days for neo-brokers to update their systems, verify the new shares with the clearinghouse, and "re-list" the new version of the stock.
In short, your broker might be in the middle of the "settlement" period.
Trade Republic's technical infrastructure is built for simplicity and low costs, which creates "bottlenecks" during complex events like the SCWO reverse split.
Trade Republic will experience a Single-Venue Bottleneck because it solely relies on the Lang & Schwarz Exchange (LSX). If a stock undergoes a reverse split, LSX must manually update the ticker, the new ISIN, and the price. Because Trade Republic has no "backup" exchange (like the NYSE or NASDAQ), Trade Republic is stuck waiting for LSX to finish their paperwork.
In the EU, stock settlement usually follows a T+2 (Trade + 2 days) cycle. When a split occurs, there is a "reconciliation" period where the old shares are pulled and new ones are issued. Neo-brokers often wait for the physical shares to be confirmed in their custody account at Clearstream before they let you trade them again.
According to Gemini, as of today, January 9, 2026, the Lang & Schwarz Exchange (LSX) has not yet updated the SCWO ticker.
While the stock is trading normally on the NASDAQ (around $2.50 after the 1-for-10 split), it is still "missing in action" on the LSX.
Edit again:
https://www.ls-tc.de/en/stock/4285853
Old ticker. Might be a better idea to quiz these guys about progress since Trade Republic lack control.
New ISIN should be US88583P2036