.jpg)
2 hours ago
3
Article content
(Bloomberg) — Deutsche Boerse AG and Nasdaq Inc. risk hefty European Union fines after the bloc’s antitrust watchdog opened a full-scale investigation into a suspected cartel linked to listing, trading and clearing of derivatives.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The Brussels-based European Commission said Thursday it had concerns the firms may have entered into “agreements or concerted practices not to compete.” They may also have allocated demand, coordinated prices and exchanged commercially sensitive information, it said.
Article content
Article content
Article content
While the opening of a formal investigation doesn’t prejudge its outcome, the commission has powers to inflict fines of up to 10% of a firm’s global annual sales for wrongdoing. The companies could also be ordered to put an end to any behavior that continues to infringe the bloc’s cartel rules.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Deutsche Boerse shares fell as much as 7.3% in Frankfurt trading, the biggest intraday retreat since April 27, 2023.
Article content
Thursday’s escalation comes after unannounced raids on Deutsche Boerse and Nasdaq premises across Europe in September 2024. Those inspections took place just months after Deutsche Boerse’s European Energy Exchange AG aborted plans to buy Nasdaq’s Nordic power trading and clearing business, amid mounting EU competition concerns over the deal to cement its role as the biggest electricity exchange in the world.
Article content
The companies didn’t immediately respond to requests for comment.
Article content
The new investigation marks the latest milestone in more than a decade of EU antitrust probes targeting the finance industry and rigging of key benchmarks. The cases included how traders swapped information in chat-rooms to distort pricing components for derivatives as well as to manipulate currency markets, bonds and government-guaranteed securities.
Article content
Earlier investigations followed EU approval for government support to keep many European lenders alive during the financial crisis in the wake of the 2008 collapse of Lehman Brothers Holdings Inc.
Article content
(Updates with shares in fourth paragraph.)
Article content
English (US)