Overview
- Investigators are examining whether the exchanges coordinated strategies for listing, trading and clearing derivatives across the European Economic Area.
- The probe focuses on potential market allocation, price coordination and exchanges of commercially sensitive information that could breach Article 101 TFEU and Article 53 of the EEA Agreement.
- Unannounced inspections at both groups in September 2024 laid the groundwork for the formal investigation.
- The Commission warns that anti-competitive agreements could fragment the single market and harm prices and service quality for users of futures and options.
- Eurex, operated by Deutsche Börse, is the largest EEA derivatives venue and Nasdaq runs markets in Europe and the United States, while officials stress the inquiry does not prejudge the outcome and fines could be based on global turnover.