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EU Opens Cartel Probe Into Deutsche Börse and Nasdaq Over Derivatives Markets

Regulators will prioritize the case over suspected coordination across core derivatives functions.

Overview

  • The European Commission launched a formal antitrust investigation into the two exchange operators focused on derivatives activity in the EEA, covering listing, trading and clearing.
  • Officials suspect the firms may have allocated demand, coordinated prices and exchanged commercially sensitive information in ways that could curb competition.
  • The Commission said the inquiry will be handled as a priority and emphasized that opening the case does not prejudge the outcome.
  • The move follows unannounced inspections at Deutsche Börse and Nasdaq in September 2024 related to derivatives dealings.
  • If violations are proven, fines could reach up to 10% of global turnover, and initial reports showed Deutsche Börse shares down roughly 4–6% with Nasdaq lower in U.S. premarket trading.