Antitrust Law Daily Wrap Up, ANTITRUST NEWS: EC opens investigation into possible Deutsche Börse and Nasdaq collusion, (Nov 6, 2025)

By WK Editorial Staff

The EC is concerned over potential agreements not to compete for certain derivatives business.

The European Commission (EC) announced on November 5, that it 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.

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 utilize them to hedge against risk, to speculate on the asset's movement, or to leverage a position.

In 2024 the EC carried out unannounced antitrust inspections at the premises of the two companies. 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 behavior may breach EU competition rules that prohibit cartels and restrictive business practices (Article 101 of the Treaty on the Functioning of the European Union 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.

Ribera comments. “ We are investigating whether Deutsche Börse and Nasdaq may have colluded to avoid competing for the listing, trading and clearing of certain financial derivatives. Competition rules help secure fair and open competition among financial exchanges and ensuring the proper functioning of the Capital Markets Union – a cornerstone for innovation, financial stability and growth in the interest of all European citizens,” said Teresa Ribera, EC Executive Vice-President for Clean, Just and Competitive Transition.

The companies. 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.

Companies: Nasdaq, Inc.; Deutsche Börse AG

News: Antitrust