Archive · 6 Nov 2025
EU Investigates Deutsche Boerse and Nasdaq for Suspected Cartel Activity
Imagine two big companies that help people trade special financial agreements called derivatives.
The European Union's watchdog is looking into whether these companies secretly agreed not to compete with each other.
They think the companies might have worked together to decide prices and share secret business information.
This all started because of a deal made a long time ago between parts of these companies.
The companies say they were actually trying to make the market better and that they had told the watchdog about the deal before.
They are now cooperating with the investigation, but the watchdog wants to investigate more deeply to see if any rules were broken.
Because of this news, shares of one of the companies, Deutsche Boerse, went down.
The European Commission has launched an antitrust investigation into Deutsche Boerse and Nasdaq.
The probe alleges anti-competitive behaviour and possible cartel activity related to financial derivatives.
The companies are suspected of agreeing not to compete, coordinating prices, and exchanging sensitive information.
Deutsche Boerse and Nasdaq claim the investigation concerns a 1999 deal intended to be pro-competitive and beneficial.
The investigation follows unannounced inspections and stock prices for Deutsche Boerse saw a significant drop.
- Who
- The European Commission is investigating Deutsche Boerse and Nasdaq.
- What
- An antitrust investigation into alleged anti-competitive behaviour and possible cartel activity concerning financial derivatives.
- When
- The investigation was opened on Thursday, following unannounced inspections in September 2024. The alleged deal dates back to 1999.
- Where
- European Economic Area (EEA) markets for financial derivatives.
- Why
- The European Commission suspects the companies of breaking EU competition rules by allegedly agreeing not to compete, allocating demand, coordinating prices, and exchanging sensitive information.
European Commission
Deutsche Boerse & Nasdaq
Allegations of Anti-Competitive Behavior
European Commission
Suspects Deutsche Boerse and Nasdaq entities entered agreements or concerted practices not to compete in the European Economic Area, potentially allocating demand, coordinating prices, and exchanging sensitive information regarding the listing, trading, and clearing of financial derivatives.
Deutsche Boerse & Nasdaq
State the probe relates to a 1999 deal between Deutsche Boerse's Eurex and the Helsinki Stock Exchange (acquired by Nasdaq in 2008) for Nordic derivatives markets. They claim the cooperation was pro-competitive, aimed to build liquidity and create efficiencies, provided clear benefits, and was public. Nasdaq also states the deal was discussed with the Commission at the time without objections until after its end.
Cooperation and Defense
European Commission
Opened an antitrust investigation following unannounced inspections in September 2024 and will conduct an in-depth investigation as a matter of priority.
Deutsche Boerse & Nasdaq
Are cooperating with the Commission and believe they can successfully defend the case. Deutsche Boerse states they will work with external legal advisors.
- Companies Investigated
- Deutsche Boerse, Nasdaq
- Investigating Body
- European Commission
- Allegations
- Anti-competitive behaviour, possible cartel activity, not competing in the European Economic Area, allocating demand, coordinating prices, exchanging sensitive information in derivatives markets.
- Timeframe of Alleged Deal
- 1999 deal between Eurex (Deutsche Boerse) and Helsinki Stock Exchange (now Nasdaq).
- Inspection Date
- September 2024
- Market Impact
- Deutsche Boerse shares fell up to 7.3%, paring losses to around 4% at 1245 GMT.