If confirmed, the practices would violate EU competition rules prohibiting cartels and restrictive business practices.

While the excerpt provides no specific findings or dates, the case reflects ongoing legal scrutiny with potential consequences for the exchanges.

The European Commission has opened a formal competition investigation into Deutsche Börse and Nasdaq over potential cooperation in quoting, trading, and clearing of derivatives in the EU, signaling possible anti-competitive coordination.

The probe is examining whether the two exchanges coordinated demand, fixed prices, or shared confidential business information, which could amount to cartel-like behavior and hurt the EU internal market.

The report comes from ANSA on November 6, 2025, situating Brussels-level enforcement within broader EU policy context.

Stocks of Deutsche Börse and Nasdaq declined in pre-market trading following the news, highlighting market reaction.

Deutsche Börse says it is confident in defending the case and is working with external legal counsel, emphasizing the importance of fair competition for market growth.

The Commission says the investigation will be given priority, but opening a formal procedure does not imply an outcome or presumption of wrongdoing at this stage.

The EU stresses that the formal proceeding is preliminary and does not yet determine guilt or liability.

Potential penalties, if violations are proven, could reach up to 10% of global annual turnover; Deutsche Börse’s 2024 revenue was about €5.9 billion, and the stock drifted lower on the news.

Unannounced inspections were conducted in autumn 2024 at Deutsche Börse and Nasdaq as part of an ex officio inquiry into derivatives, with few details disclosed at the time.

Deutsche Börse and Eurex acknowledge the Brussels decision as early-stage and say they are in constructive dialogue with the Commission, with no conclusions yet drawn.