Brussels’ European Commission (EC) has opened a formal antitrust investigation into a 1999 Nordic equity-derivatives cooperation between Deutsche Börse’s Eurex and what is now Nasdaq Helsinki, over suspicions the two exchange groups limited competition. Both exchanges argue they believe the cooperation was lawful, transparent, and pro competition.
The European Commission has launched a full antitrust probe into Deutsche Börse and Nasdaq to assess whether the two groups coordinated to not compete in the listing, trading and clearing of certain derivatives across the European Economic Area (EEA), focusing on a cooperation first struck in 1999 between Eurex and Finland’s then-HEX exchange, later acquired by Nasdaq.
The Commission said the arrangements may have involved demand allocation, price coordination and exchanging of commercially sensitive information, but stressed the opening of proceedings does not prejudge the outcome.
The EU action follows unannounced inspections at the two exchanges in September 2024. It is part of a broader Commission push against alleged collusion in market-infrastructure services.
Teresa Ribera, executive vice president (EVP) for Clean, Just and Competitive Transition said: “Competition rules help secure fair and open competition among financial exchanges and ensuring the proper functioning of the Capital Markets Union – a cornerstone for innovation, financial stability and growth in the interest of all European citizens.”
The competition branch of the Commission has not yet published the associated case files.
Elsewhere in Europe, Eurex rival Euronext has been building up competition in the equities derivatives space.
READ MORE: Euronext amps up German coverage with mini options
Nasdaq said, “[It] takes note of the European Commission’s decision to open an investigation into a historical cooperation, launched in 1999,” adding: “Nasdaq believes that the cooperation was lawful. It was discussed with the European Commission when it was announced, and no objections were ever raised until after the cooperation had ended. The cooperation delivered clear benefits for market participants, including access to deeper liquidity, narrower bid-ask spreads, lower fees, and enhanced cross-margining opportunities… The European Commission’s decision is a procedural step that does not imply any finding of wrongdoing or breach of competition law. Nasdaq is engaging constructively with the European Commission.”
Deutsche Börse Group, said in a statement it had “taken note” of the move and said: “The formal opening of an investigation is a procedural step that does not prejudge the outcome of the investigation.”
Deutsche Boerse also describes the 1999 deal as public, discussed with Brussels at the time, and intended to be pro-competitive by building liquidity in Nordic derivatives.
Deutsche Boerse added: “In alignment with our external counsel, we believe that we can successfully defend this case.”
