The European Commission has opened a formal antitrust investigation to determine if Deutsche Börse and Nasdaq have violated EU competition rules by coordinating their actions in the listing, trading, and clearing of financial derivatives in the European Economic Area (EEA).

The Commission's concerns center around potential agreements or concerted practices between the two entities that may involve not competing in the EEA, allocating demand, coordinating prices, and exchanging sensitive information.

If these allegations are substantiated, they could constitute a breach of EU competition laws that prohibit cartels and restrictive business practices, as outlined in Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the EEA Agreement. Such practices could lead to market fragmentation, affecting prices and quality of services, and undermining the Single Market.

This investigation is part of the Commission's broader efforts to maintain a fair and open Single Market and to foster a fully integrated Capital Markets Union, which is essential for enhancing the efficiency and competitiveness of financial markets in the EU.

The Commission has prioritized this investigation and will conduct it thoroughly. The initiation of this investigation does not imply any predetermined outcome.

In September 2024, the Commission conducted unannounced inspections at the offices of Deutsche Börse and Nasdaq as part of its inquiry into potential collusion in the financial derivatives sector.

Deutsche Börse, based in Germany, provides comprehensive capital market infrastructure, including services for listing and trading securities and derivatives. Eurex, part of Deutsche Börse, is the largest derivatives exchange in the EEA.

Nasdaq, headquartered in the United States, operates stock exchanges and offers a range of financial services, including listing, trading, and clearing of derivatives.

Article 101 TFEU and Article 53 of the EEA Agreement prohibit agreements that may restrict competition within the Single Market. The duration of the investigation will depend on various factors, including the complexity of the case and the cooperation of the involved parties.