Advertise
- Zafar Naik
Zafar Naik
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Nov 06, 2025 12:17 UTC
-
EU Launches Full Probe Into Deutsche Boerse, Nasdaq Over Derivatives Cartel Allegations
ChatGPT said: EU opens full-scale antitrust probe into Deutsche Boerse and Nasdaq over suspected cartel behavior in derivatives trading.
Deutsche Boerse shares tumble 7%, Nasdaq slips 1.7% as markets react to regulatory pressure.
The case revives Europe’s crackdown on market collusion, even as Deutsche Boerse pushes ahead with new expansions.
Europe’s competition regulator has fired a major warning shot at two of the world’s biggest exchanges – Deutsche Boerse AG and Nasdaq Inc. The European Commission (EC) has opened a full-scale antitrust investigation into the firms, suspecting they may have struck non-competitive agreements in the listing, trading, and clearing of derivatives.
The move has rattled markets and reignited debate over how far regulators are willing to go to keep financial markets fair.
Deutsche Boerse shares tumbled more than 7%, their sharpest fall in two years, while Nasdaq slipped 1.7% in U.S. pre-market trading as investors braced for potential fallout.
What’s Behind the Probe
The EC believes the two exchanges may have coordinated prices, divided market demand, or exchanged sensitive commercial data – behavior that could breach EU competition rules. The concerns trace back to a 1999 cooperation agreement between Eurex, Deutsche Boerse’s derivatives arm, and HEX, a Finnish derivatives exchange later acquired by Nasdaq.
Nasdaq insists the deal was legitimate and transparent.
“Nasdaq believes that the cooperation was lawful,” the firm said, noting that the agreement was discussed with the European Commission and that “no objections were ever raised until after the cooperation had ended.”
Deutsche Boerse struck a similar tone, calling the partnership “pro-competitive” and designed to boost liquidity and efficiency in the Nordic derivatives market. Both firms say they’re cooperating fully with investigators.
EU’s Crackdown Widens
The investigation follows raids in September 2024 at both companies’ European offices, just months after Deutsche Boerse’s European Energy Exchange (EEX) called off its planned purchase of Nasdaq’s Nordic power trading unit amid competition concerns.
The EC’s formal probe gives it the authority to impose fines of up to 10% of global annual revenue if violations are confirmed.
While the opening of an investigation doesn’t imply guilt, it signals Europe’s growing intolerance for any hint of market collusion.
Growth Continues Despite Scrutiny
Interestingly, Deutsche Boerse isn’t slowing down. On the same day the probe was announced, the firm revealed that the European Central Bank will join Eurex’s centrally cleared repo market in Q1 2026, a major step in expanding its market infrastructure.
What direction will this crackdown move in? Time will tell.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
The EU suspects the exchanges may have coordinated prices or shared sensitive data in ways that could violate competition rules.
The probe focuses on a 1999 cooperation deal involving Eurex and HEX, later owned by Nasdaq, which may have shaped derivatives trading.
Both firms say the agreement was lawful, pro-competitive, and previously known to regulators, and they are cooperating fully.
Shares in both firms fell, though Deutsche Boerse continues expanding, including plans for the ECB to join its cleared repo market in 2026.
Trust with CoinPedia:
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Yes 
No 
