According to a press release dated 6 November 2025, the European Commission has opened an investigation into possible anticompetitive collusion between Deutsche Börse and Nasdaq. The inquiry concerns a potential coordination relating to the listing, trading, and clearing of financial derivatives within the European Economic Area (EEA).
Background
Deutsche Börse operates key components of the European financial market infrastructure. Its activities include the listing and trading of securities and derivatives, the clearing and settlement of transactions, as well as the provision of market data and trading systems. Within the group, Eurex serves as the leading platform for derivatives trading and clearing in the EEA.
Nasdaq is a global provider of exchange and technology services. In addition to operating stock exchanges in the United States, it also runs trading venues in Europe and offers listing, trading, and clearing services for a wide range of financial instruments.
Both companies therefore play a central role in the global derivatives market and are key competitors in the European financial market infrastructure sector.
Considerations of the European Commission
Already in September 2024, the European Commission carried out inspections at both companies’ premises. They are suspected of having coordinated their conduct within the EEA in breach of Article 101 TFEU and Article 53 of the EEA Agreement, with the aim of not competing with each other in certain segments of derivatives trading (including allocation of demand, price coordination, and the exchange of sensitive business information).
Assessment
For financial institutions and market participants, the case underscores the sensitivity of antitrust risks in the context of cooperation and information exchange between competitors, even in the financial sector. Companies are well advised to review and, where necessary, update their compliance frameworks on a regular basis.
The European Commission’s press release can be found here.
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