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EU Launches Antitrust Probe into Deutsche Börse and Nasdaq Over Derivatives Trading Practices

By  |  November 6, 2025

The European Commission has opened a formal antitrust investigation into Deutsche Börse and Nasdaq to assess whether the two major financial service providers have breached EU competition law through coordinated behavior in the listing, trading, and clearing of financial derivatives across the European Economic Area (EEA).

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    According to a statement from the Commission, the inquiry will examine whether the companies engaged in agreements or concerted practices that may have restricted competition in the EEA derivatives market. The investigation focuses on possible actions such as dividing demand, coordinating pricing, and exchanging commercially sensitive information—activities that, if substantiated, could amount to violations of Article 101 of the Treaty on the Functioning of the European Union (TFEU) and Article 53 of the EEA Agreement.

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    “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 Commissioner Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition.

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    Per a statement from the Commission, potential anticompetitive arrangements of this nature risk fragmenting markets and undermining efficiency within the Single Market. Such conduct could reduce the quality and pricing competitiveness of financial products and services, ultimately harming investors and consumers.

    The Commission emphasized that this investigation underscores its ongoing commitment to upholding fair competition and strengthening the Capital Markets Union. Promoting transparency and competitiveness within financial markets is viewed as essential for supporting growth, innovation, and overall economic stability within the EU.

    According to the statement, the launch of the formal investigation does not imply any presumption of wrongdoing.

    Source: European Interest