EU opens anti-trust investigation into alleged market collusion between Deutsche Börse and Nasdaq

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The opening of the investigation follows unannounced inspections at the premises of Deutsche Börse and Nasdaq conducted by the authorities in September 2024.

The Commission says it 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 says that the two markets may have colluded to allocate demand, coordinate prices and exchange commercially sensitive information.

The Commission intends to carry out an in-depth investigation “as a matter of priority”, but emphasises that the opening of a formal investigation does not prejudge its outcome.

Deutsche Börse says the allegations relate to a former co-operation pact between Eurex and HEX, now Nasdaq that was initiated in 1999 and signed off by European authorities.

In a statement, the Börse says: “The cooperation was intended to be pro-competitive, especially it aimed to build deeper liquidity in the respective Nordic derivatives markets and create efficiencies. It provided clear benefits for market participants and was public.”