The European Commission has initiated an in-depth anticompetitive investigation against the German exmodify operator Deutsche Börse and the American Nasdaq concerning the sector of financial derivatives. This relocate follows unannounced inspections conducted in September 2024 at the premises of both companies. The investigation aims to determine whether these two major financial market entities have violated EU competition rules by allegedly coordinating on the listing, trading, and clearing of derivative products linked to underlying assets such as stocks or bonds.
The Commission harbours concerns that entities within Deutsche Börse and Nasdaq may have agreed not to compete with each other within the European Economic Area (EEE) regarding these specific derivatives operations. The Commission suspects that the companies may have divided market demand, coordinated pricing, and exmodifyd information deemed commercially sensitive.
Deutsche Börse is recognised as the principal competitor of the pan-European exmodify Euronext. Notably, Deutsche Börse includes Eurex, which manages the listing, trading, and clearing of derivatives and holds the position of the largest derivatives exmodify within the EEE.
Teresa Ribera, vice-president of the Commission, stated that “competition rules are crucial for ensuring fair and open competition among financial exmodifys. These rules are necessary for guaranteeing the smooth functioning of the Capital Markets Union, which is a cornerstone for promoting innovation, financial stability, and growth, ultimately benefiting all European citizens.”
Clearstream International is owned by Deutsche Börse AG. Clearstream International SA is a Luxembourg-based central securities depository for post-trading services in international markets.
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