Commission opens antitrust investigation into possible collusion between Deutsche Börse and Nasdaq in listing, trading and clearing of financial derivatives

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 sector for listing, trading and clearing of financial derivatives in the European Economic Area (‘EEA'). Nasdaq and Deutsche Börse are financial services providers operating large exchanges in the financial derivatives sector.

The Commission is concerned that Deutsche Börse and Nasdaq entities may have entered into agreements or concerted practices not to compete in the EEA for the listing, trading and clearing of certain derivatives. In addition, the Commission is concerned that the entities may have: (i) allocated demand; (ii) coordinated prices; and (iii) exchanged commercially sensitive information.

If proven, this behaviour may breach EU competition rules that prohibit cartels and restrictive business practices (Article 101 of the Treaty on the Functioning of the European Union ('TFEU') and Article 53 of the EEA Agreement). Anticompetitive agreements and restrictive business practices may lead to market fragmentation and may impact, among others, the prices and quality of the goods and services offered as well as the functioning of the Single Market.

This investigation is part of the Commission's efforts to ensure a Single Market that is fair and open and a fully integrated Capital Markets Union, to the benefit of investors, businesses and consumers. This is key for achieving more efficient and more competitive financial markets in the European Union, in line with the overarching goals of growth and competitiveness.

The Commission will now carry out its in-depth investigation as a matter of priority. The opening of a formal investigation does not prejudge its outcome.

Background

In September 2024, the Commission carried out unannounced inspections at the premises of  Deutsche Börse and Nasdaq, as part of its own-initiative inquiry into possible collusion in the financial derivatives sector.

A derivative is a type of financial contract between two or more parties, the value of which fluctuates based on the price of one or more underlying assets. Traders can purchase these agreements on an exchange and utilise them to hedge against risk, to speculate on the asset's movement, or to leverage a position.

Deutsche Börse, headquartered in Germany, is a provider of capital market infrastructure whose business covers the entire spectrum of financial market transactions, including the listing and trading of securities and derivatives, as well as clearing, settlement, and custody services, along with the provision of market data and electronic trading systems. Within the Deutsche Börse Group, Eurex is responsible for the listing, trading and clearing of derivatives. Eurex is the largest derivatives exchange in the EEA.

Nasdaq, headquartered in the United States, is a global financial services and technology provider that operates stock exchanges in the United States and in Europe, offering among others listing, trading, and clearing services, for a wide range of derivatives. 

Article 101  TFEU and Article 53 of the EEA Agreement prohibit agreements and other restrictive business practices that may affect trade and prevent or restrict competition within the Single Market. The implementation of Article 101 TFEU is defined in Regulation 1/2003.

Article 11(6) of Regulation No 1/2003 provides that the opening of proceedings by the Commission relieves the competition authorities of the Member States of their competence to also apply EU competition rules to the practices concerned. Article 16(1) further provides that national courts must avoid adopting decisions which would conflict with a decision contemplated by the Commission in proceedings it has initiated. The Commission has informed the parties and the competition authorities of the Member States that it has opened proceedings in this case.

There is no legal deadline for bringing an antitrust investigation to an end. The duration of an antitrust investigation depends on a number of factors, including the complexity of the case, and the extent to which the parties concerned cooperate with the Commission and the exercise of the rights of defence.

More information on the investigation will be available on the Commission's competition website, in the public case register under the case number AT.40945. For more information on the Commission's actions against cartels, including on how individuals or companies can report suspicious cartel behaviour, see its cartels website.