Nasdaq and Deutsche Boerse under the EC's microscope. Antitrust proceedings have been initiated

On Thursday, the European Commission announced the initiation of antitrust proceedings against listed companies Nasdaq and Deutsche Boerse. The EC will check whether their coordination of activities in the field of quotation, trading and settlement of financial derivative instruments violated EU regulations.

Both companies are financial services providers with large exchanges in the financial derivatives sector. The initiation of proceedings by the European Commission is a consequence of unannounced inspections carried out in September 2024. The EC conducted it on its own initiative, suspecting collusion in the derivatives sector.

– We are investigating whether Deutsche Boerse and Nasdaq could have cooperated to avoid competition for the listing, trading and settlement of certain financial derivative instruments, said Teresa Ribera, vice-president of the European Commission. According to her, EU rules help ensure fair and open competition between financial exchanges and the proper functioning of the Capital Markets Union.

The EC was concerned that Deutsche Boerse and Nasdaq may have entered into agreements or agreed practices not to compete in the European Economic Area for the listing, trading and settlement of certain derivatives. The EC suspects that these entities agreed prices, distributed demand and exchanged sensitive commercial information.

The activities of the German company Deutsche Boerse cover the full spectrum of transactions on the financial market, including quotation and trading of securities and derivatives, as well as clearing, settlement and custody services, and the provision of market data and electronic trading systems. The Deutsche Boerse Group operates the largest derivatives exchange in the EEA, Eurex.

Nasdaq, headquartered in the United States, is a global financial services and technology company that operates securities exchanges in the United States and Europe, offering, among other services, the listing, trading and settlement of a wide range of derivatives.

The EC is not limited by any deadline. The duration of an antitrust investigation depends on a number of factors, including the complexity of the case, the degree of cooperation of the parties with the Commission and the exercise of the rights of defense.

From Brussels Magdalena Cedro (PAP)

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