The European Commission has initiated an antitrust investigation into potential collusion between Deutsche Börse and Nasdaq in the listing, trading, and clearing of financial derivatives.
This investigation follows unannounced inspections at the offices of both companies conducted by authorities in September 2024. The Commission is concerned that Deutsche Börse and Nasdaq may have engaged in agreements or coordinated actions to avoid competition within the European Economic Area (EEA) regarding the listing, trading, and clearing of specific derivatives.
Additionally, the Commission suggests that the two entities may have colluded to allocate demand, coordinate prices, and share sensitive commercial information. The Commission plans to conduct a thorough investigation “as a matter of priority,” but notes that the formal investigation’s opening does not indicate its eventual outcome.
Deutsche Börse states that the allegations pertain to a former cooperation agreement between Eurex and HEX, now Nasdaq, established in 1999 and approved by European authorities. In their statement, the Börse emphasized that the cooperation was designed to foster competition, enhance liquidity in the Nordic derivatives markets, and create efficiencies, highlighting benefits for market participants.