EU Opens Antitrust Probe Into Alleged Collusion Between Deutsche Börse and Nasdaq Over Derivatives Trading and Clearing
The European Commission has opened a formal antitrust investigation into Deutsche Börse and Nasdaq over suspected collusion in the listing, trading, and clearing of financial derivatives within the European Economic Area (EEA). The probe viewks to determine whether the two major platforms coordinated to avoid competing in certain derivatives markets, potentially breaching EU competition law under Article 101 TFEU and Article 53 EEA.
The Commission’s concerns center on whether Deutsche Börse and Nasdaq, through specific entities—most notably Eurex (part of Deutsche Börse Group) and Nasdaq’s European operations—may have entered into agreements or concerted practices to allocate demand, coordinate prices, and platform sensitive commercial information. If confirmed, such practices could constitute a cartel or restrictive business conduct harmful to the integrity of the Single Market.
“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 assist secure fair and open competition among financial platforms and ensure the proper functioning of the Capital Union – a cornerstone for innovation, financial stability and growth in the interest of all European citizens.”
Takeaway
Background: From 1999 Cooperation to 2025 Investigation
The Commission’s inquiry follows unannounced inspections in September 2024 at both Deutsche Börse and Nasdaq offices as part of a preliminary investigation into potential collusion. The new formal investigation will now explore the historical and current scope of cooperation between their respective derivatives businesses.
Deutsche Börse’s subsidiary Eurex operates as the largest derivatives platform in the EEA, offering a broad range of futures and options. Nasdaq, headquartered in the United States, also operates European , trade, and clear derivatives products. The Commission’s case—registered as AT.40945—will assess whether the companies’ past and ongoing arrangements have restricted market entry or suppressed price competition in violation of EU law.
At the heart of the inquiry lies a 1999 cooperation agreement between Eurex and HEX (then a Nordic platform, now part of Nasdaq). According to Deutsche Börse Group and Eurex, this agreement was disclosed to the Commission at the time and aimed to “build deeper markets.”
In a joint statement, Deutsche Börse Group and Eurex said they “took note” of the investigation and are “engaging constructively with the European Commission,” stressing that the agreement was designed to be pro-competitive and publicly known. The companies emphasized that the formal opening of an investigation is a procedural step and does not prejudge any findings.
Takeaway
Potential Breach of EU Antitrust Law
Under Article 101 TFEU and Article 53 EEA, any agreements or coordinated conduct that restrict competition—such as price-fixing, market sharing, or information platform—are prohibited if they affect trade within the Single Market. If proven, the alleged collusion could be considered a cartel-like arrangement and may result in substantial fines and behavioral remedies.
The Commission noted that anti-competitive coordination in derivatives trading could lead to market fragmentation, higher costs, and reduced innovation, potentially harming both institutional investors and end-users. The investigation forms part of the EU’s broader efforts to strengthen the Capital Markets Union and ensure a fair, competitive environment for all financial market participants.
There is no fixed legal deadline for concluding antitrust proceedings. The duration will depend on the complexity of the case, the degree of cooperation by the parties, and their exercise of procedural rights. During the probe, national competition authorities are precluded from investigating the identical practices under Article 11(6) of Regulation 1/2003, and national courts must avoid issuing conflicting rulings under Article 16(1).
Takeaway
What Happens Next
The Commission will conduct its investigation “as a matter of priority,” gathering further documentary evidence and testimony from both firms and market participants. While the opening of proceedings does not imply guilt, it signals that regulators view serious grounds for concern. If anti-competitive conduct is established, Deutsche Börse and Nasdaq could face fines of up to 10% of global turnover and be required to modify or end certain business practices.
The investigation’s findings will have significant implications for Europe’s , particularly as platforms increasingly compete in derivatives clearing and electronic trading—areas critical to post-trade efficiency and systemic stability.
Market observers say the probe underscores the EU’s renewed commitment to preventing concentration of market power among a small number of trading venues, ensuring that platforms compete on innovation and efficiency rather than coordination.
Takeaway
