The European Commission is investigating a possible collusion between Deutsche Börse and Nasdaq in the derivatives markets.

Brussels, November 6, 2025 – The European Commission has announced the initiation of an official investigation into competition matters against the Deutsche Börse (Germany) and Nasdaq (USA) groups, to assess whether they have entered into agreements or practiced anti-competitive coordination regarding the trading and clearing of derivative contracts listed in Europe.

According to the statement, the investigation aims to determine whether the two companies "have divided or coordinated market segments," which could violate Article 101 of the Treaty on the Functioning of the European Union (TFEU). Such an agreement could affect competition in trading and clearing systems in the EU and would contradict the objectives of the Capital Markets Union (CMU), which aims to create a more integrated and competitive European financial market.

Deutsche Börse, based in Frankfurt, manages the Xetra and Eurex platforms, being the main operator of capital and derivative markets in the euro area. Nasdaq, based in New York and Stockholm, operates exchanges in the USA and in several European countries, including Scandinavia and the Baltic States.

The Commission will analyze whether the exchange of commercial information or pricing alignment practices for clearing and listing services have limited access for other market operators. If a breach of competition rules is confirmed, the companies risk fines of up to 10% of their global turnover.

Possible directions of the investigation

In competition language, "market sharing" implies that rivals tacitly or explicitly agree not to compete in certain areas, for example, by establishing product classes or regions in which each maintains dominance. In the case of financial markets, this could mean that an operator avoids launching derivatives similar to those of the other or does not compete for attracting large clients, reducing pressure on fees and innovation.

Another form of coordination may refer to the possible alignment of trading and clearing fees or to restricting mutual access to market infrastructures. In such a scenario, the clearing services offered by the operators' platforms could become partially exclusive, preventing other operators from providing competitive alternatives. The lack of interoperability between clearing systems leads to higher costs for banks and investors, who must maintain separate collateral for each platform and lose the benefits of cross-margining.

Such practices would contradict the objectives of the Capital Markets Union (CMU), which aim to integrate European markets and reduce financing costs. Effective competition between trading infrastructures should lead to lower fees, greater liquidity, and innovation in financial products.

If the investigation confirms the existence of coordination between Deutsche Börse and Nasdaq, the impact could exceed the strict framework of derivative markets, calling into question the principle of fair and transparent access to European financial infrastructures.

https://2eu.brussels/articol/stiri/comisia-europeana-investigheaza-o-posibila-coluziune-intre-deutsche-borse-si-nasdaq-pe-pietele-de-derivate