The European Commission has launched a formal investigation into Deutsche Börse and Nasdaq following unannounced inspections at their offices in September 2024.

Authorities suspect that entities linked to the two exchanges may have entered into anti-competitive agreements within the European Economic Area (EEA) concerning the listing, trading, and clearing of certain derivatives. The Commission also believes the firms may have coordinated prices, divided market demand, and exchanged commercially sensitive information.

Brussels says the probe will be treated “as a matter of priority,” though it stressed that the opening of an investigation does not imply any conclusion about the companies’ guilt.

Deutsche Börse, in response, stated that the allegations concern a former cooperation pact between Eurex and HEX (now Nasdaq) dating back to 1999, which was approved by European authorities at the time. The company emphasized that the collaboration was designed to enhance competition, deepen liquidity in Nordic derivatives markets, and deliver clear benefits for participants.