Brussels, November 6, 2025 — The European Commission has opened an antitrust investigation into whether Deutsche Börse and Nasdaq colluded to avoid competing in the listing, trading, and clearing of financial derivatives across the European Economic Area.
The Commission said it suspects that the exchanges — two of the largest operators in the financial derivatives sector — may have coordinated conduct to divide demand, align prices, and exchange commercially sensitive information.
“We are investigating whether Deutsche Börse and Nasdaq may have colluded to avoid competing for the listing, trading and clearing of certain financial derivatives,” said Teresa Ribera, executive vice president for clean, just and competitive transition. “Competition rules help secure fair and open competition among financial exchanges and ensure the proper functioning of the Capital Markets Union – a cornerstone for innovation, financial stability and growth in the interest of all European citizens.”
If confirmed, the behavior would breach EU rules prohibiting cartels and restrictive business practices. The Commission said such collusion could fragment markets and harm investors by affecting prices, quality, and the functioning of the Single Market.
Investigation background
The investigation follows unannounced inspections in September 2024 at the premises of Deutsche Börse and Nasdaq as part of a Commission-led inquiry into potential collusion in the financial derivatives sector.
Deutsche Börse, headquartered in Germany, operates the Eurex exchange — the largest derivatives marketplace in the EEA — covering listing, trading, clearing and related services. Nasdaq, based in the United States, runs exchanges in both the US and Europe that list and clear a wide range of derivatives.
The Commission will now conduct an in-depth probe, noting that the opening of proceedings does not prejudge the outcome.
Source: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_2580
