The EU Commission has opened a formal antitrust investigation into whether Deutsche Börse and Nasdaq breached EU competition rules by coordinating their conduct in the sector for listing, trading and clearing of financial derivatives in the European Economic Area.
Nasdaq and Deutsche Börse are financial services providers operating large exchanges in the financial derivatives sector.
The Commission’s concern is 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, the 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.
EC executive vice-president Teresa Ribera said: “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.”
More information on the investigation will be available on the Commission’s competition website, in the public case register under the case number AT.40945. For more information on the Commission’s actions against cartels, including on how individuals or companies can report suspicious cartel behaviour, see its cartels website.
