On Tuesday, Brussels placed Nasdaq and the Frankfurt Stock Exchange under its anti-competitive control. The two companies, which operate on the stock markets of the United States and the Old Continent, reported that they had been raided by EU officials as part of an investigation into possible anti-competitive maneuvers by the two companies. Specifically, the suspicions relate to the possible creation of a cartel in the financial derivatives sector.
Spokespeople for Nasdaq and the Frankfurt Stock Exchange said the two companies were cooperating with Brussels. The European Commission, for its part, said the raids were conducted in two EU states amid suspicions that the companies “violated European anti-competition laws prohibiting restrictive business practices“These practices are defined by the IMF as the attitudes of companies which, through the abuse of a dominant position, limit access to the market, causing a negative effect on international trade.
However, the European body responsible for investigating anti-competitive practices has indicated that the companies are not yet guilty of anything, specifying that there is no date for the conclusion of the investigations. In this sense, Fines could amount to 10% of sales at the global level of the Nasdaq and the Frankfurt Stock Exchange, even if the regulator rarely applies measures of this magnitude.
The move comes three months after European Energy Exchange, an energy stock exchange integrated into the Frankfurt Stock Exchange, abandoned its plan to buy the Nordic energy operator integrated into Nasdaq. The deal would have made EEE the world’s largest energy exchange, heightening EU antitrust concerns.
