Brussels (ANSA) – The EU Antitrust Authority has launched an investigation to determine if Deutsche Börse and Nasdaq have breached European competition laws by coordinating their approaches to the listing, trading, and clearing of financial derivatives within the European Economic Area.
The probe aims to establish whether the companies have colluded to avoid competition, as highlighted by EU Commission Vice President Teresa Ribera, who stated that “fair competition is vital for the effective operation of the Union’s capital markets, which are crucial for innovation, financial stability, and growth in Europe.”
This investigation will scrutinize suspicions that Deutsche Börse, based in Frankfurt and managing the German stock market, and Nasdaq in New York may have conspired or coordinated their strategies to refrain from competing in the European Economic Area with respect to derivatives, potentially infringing EU regulations against cartels and restrictive business practices under Article 101 of the Treaty on the Functioning of the EU and Article 53 of the EEA Agreement.
The Commission suggests that the two firms might have divided demand, coordinated prices, or shared sensitive commercial information, risking market fragmentation and adversely affecting prices, service quality, and the proper functioning of the single market.
The inquiry is classified as a priority and will not influence the final decision. It is part of the Commission’s commitment to ensuring a fair, competitive, and fully integrated financial market within the Union of capital markets, “benefiting investors, businesses, and consumers.”
Surprise inspections were conducted at the two companies in September 2024 as part of the Commission’s investigation into the derivatives sector. Deutsche Börse operates the Eurex platform, the largest derivatives exchange in the European Economic Area, while Nasdaq oversees stock and derivatives markets in both Europe and the United States (November 6).
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