ANTITRUST | The European Commission opened an investigation for an alleged cartel in the financial sector

On 6 November 2025, the European Commission (EC) opened an investigation to ascertain whether Deutsche Börse and Nasdaq (Undertakings) had violated Article 101 of the Treaty of the Functioning of the Europea Union (case No. AT.40945). In particular, according to the EC’s preliminary hypothesis, the Undertakings may have coordinated their commercial conduct by agreeing not to compete in the Europea Economic Area for the listing, trading and clearing of certain financial derivatives. In addition, the EC was concerned that the entities may have: (a) allocated demand; (b) coordinated prices; and (c) exchanged commercially sensitive information. It remains necessary to monitor future developments in the case, bearing in mind that the duration of an antitrust investigation depends on several factors, including the complexity of the case, the extent of the parties’ cooperation with the Commission, and the exercise of the rights of defence.

Newsletter n. 112 – November 2025