Brussels (ANSA) – The EU Antitrust Authority has opened an investigation to verify whether Deutsche Börse and Nasdaq have violated European competition rules by coordinating strategies on the listing, trading, and clearing of financial derivatives in the European Economic Area.
It is being investigated to determine “whether they acted in collusion to avoid competing,” noted the Vice President of the EU Commission Teresa Ribera, emphasizing that “fair competition is essential for the proper functioning of the Union of capital markets, a pillar of innovation, financial stability, and growth in Europe.”
The investigation initiated by Brussels will focus on the suspicion that Deutsche Börse, the Frankfurt-based company that manages the German stock market, and Nasdaq in New York have reached agreements or coordinated practices to not compete in the European Economic Area regarding derivatives, a behavior that could violate EU rules against cartels and restrictive business practices as outlined in Article 101 of the Treaty on the Functioning of the EU and Article 53 of the EEA Agreement.
According to the Commission, the two companies may have divided the demand, coordinated on prices, or exchanged commercially sensitive information, with the risk of fragmenting the market and affecting prices, service quality, and the proper functioning of the single market.
The inquiry, it is specified, will be conducted as a priority and does not prejudice the final outcome. It is part of the Commission’s efforts to ensure a fair, competitive, and fully integrated financial market within the Union of capital markets, “for the benefit of investors, businesses, and consumers.”
Surprise inspections at the two groups were carried out in September 2024, as part of a Commission initiative investigation into the derivatives sector. Deutsche Börse controls, among other things, the Eurex platform, the largest derivatives exchange in the European Economic Area, while Nasdaq manages stock and derivatives markets in Europe and the United States (November 6).
