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’).
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.
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.
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.
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.
