Brussels probes Nasdaq and Deutsche Börse over alleged collusion in the derivatives market

Brussels puts financial giants under themMicroscope. The European Commission has opened a formal antitrust investigation into Deutsche Börse and Nasdaq, suspected of coordinating their strategies in the derivatives market, one of the most sensitive and profitable segments of the global financial system. The probe aims to determine whether the two exchanges sought to avoid competing with each other in the listing, trading, and clearing of derivatives, in possible violation of EU competition rules.

“Fair competition is essential for the proper functioning of the Capital Markets Union,” said Commission Vice-President Teresa Ribera, stressing that strong antitrust oversight is crucial to ensuring innovation and stability within the single market. According to Brussels, Deutsche Börse, which operates the Eurex platform, and Nasdaq, active across both Europe and the United States, may have engaged in informal agreements or coordinated practices to divide demand and align service prices.

If proven, such conduct would breach Article 101 of the Treaty on the Functioning of the European Union, which prohibits cartels and restrictive business practices. Initial inspections at the companies’ premises took place as early as September 2024, and while the investigation does not imply wrongdoing, it has now moved into a priority phase.

A Vast and Critical Market

The scale of the issue is striking. According to data from the International Swaps and Derivatives Association (ISDA), in the first quarter of 2025 alone, the notional value of interest-rate derivative contracts traded across Europe and the United Kingdom exceeded $75 trillion, up more than 30 percent year-on-year.

These instruments allow banks and corporations to hedge market risks or speculate on rate and price movements — a vast and largely invisible market that plays a pivotal role in global financial stability.

That is precisely why Brussels is concerned: if dominant operators such as Deutsche Börse and Nasdaq limit competition or coordinate activities, even partially, the consequences could be significant — higher prices, reduced transparency, and a less efficient market.

A Test for Europe’s Financial Architecture

The Commission’s probe is also a test for Europe’s Capital Markets Union, the project designed to build a more integrated and competitive financial system across the continent.

If major international players choose to dampen competition rather than drive it, the risk is a fragmented Europe, where a handful of dominant exchanges set the rules and costs ultimately fall on companies and investors. This time, the EU’s competition authorities appear intent on sending a clear message: even the giants of global finance must play by the same rules.