The European Commission has opened a formal antitrust investigation to assess whether Deutsche Börse and Nasdaq have breached EU competition rules by coordinating their conduct in the European Economic Area (EEA) in the markets for the listing, trading, and clearing of financial derivatives. Both companies operate major exchanges in Europe and globally, playing a key role in the financial derivatives sector.
The Commission suspects that Deutsche Börse and Nasdaq may have entered into agreements or engaged in concerted practices not to compete within the EEA for certain derivatives services. The investigation will examine whether the companies may have allocated demand, coordinated prices, or exchanged commercially sensitive information. If confirmed, such behaviour would violate Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the EEA Agreement, which prohibit cartels and restrictive business practices that distort competition and undermine the functioning of the Single Market.
According to the Commission, anticompetitive coordination between the two exchange operators could fragment markets and harm the efficiency and competitiveness of the European financial system. It may also affect the prices, quality, and availability of derivatives trading and clearing services, with potential implications for investors, businesses, and consumers.
This inquiry forms part of the Commission’s broader efforts to ensure a fair and integrated Capital Markets Union, promoting open and competitive financial markets in line with the EU’s objectives for growth and financial stability. “We are investigating whether Deutsche Börse and Nasdaq may have colluded to avoid competing for the listing, trading and clearing of certain financial derivatives,” said Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition. “Competition rules help secure fair and open competition among financial exchanges, ensuring the proper functioning of the Capital Markets Union – a cornerstone for innovation, stability, and growth in the interest of all European citizens.”
The investigation follows unannounced inspections conducted in September 2024 at the premises of Deutsche Börse and Nasdaq, which were part of a preliminary inquiry into possible collusion in the derivatives sector. Deutsche Börse, headquartered in Germany, operates Eurex, the largest derivatives exchange in the EEA, providing listing, trading, and clearing services as part of its comprehensive capital markets infrastructure. Nasdaq, based in the United States, operates exchanges in both the U.S. and Europe, offering a wide range of services including trading and clearing of derivatives.
Under EU law, the opening of formal proceedings relieves national competition authorities of competence to apply EU competition rules to the same practices, and national courts must avoid adopting decisions that could conflict with the Commission’s proceedings. The Commission has notified both companies and the national competition authorities of the Member States of the case.
There is no statutory deadline for completing an antitrust investigation. Its duration depends on various factors, including the complexity of the case, the degree of cooperation from the parties, and the exercise of procedural rights. The investigation will be carried out as a matter of priority, but the opening of formal proceedings does not prejudge the outcome.