The European Commission has initiated a formal antitrust investigation against Deutsche Börse and Nasdaq to determine if they breached EU competition rules within the European Economic Area (“EEA”). The investigation focuses on whether the two financial services giants, who operate large exchanges in the financial derivatives sector, coordinated their conduct regarding the listing, trading, and clearing of these financial contracts.
The Commission is conducting an investigation into whether Deutsche Börse and Nasdaq, have engaged in specific practices, in particular: i) agreements or concerted practices not to compete, ii) allocating demand, iii) coordinating prices, and iv) exchanging commercially sensitive information. If these actions are proven, they would constitute a breach of EU competition rules, particularly Article 101 of the TFEU and Article 53 of the EEA Agreement, which prohibits cartels and restrictive business practices.
The opening of this in-depth investigation is a priority for the Commission as part of its efforts to ensure fair competition and a fully integrated Capital Markets Union, which is key for achieving more efficient and competitive financial markets in the EU.
(Commission - 06.11.2025)
NAZALI TAX & LEGAL