The European Commission Opens Antitrust Investigation into Two Undertakings Operating in the Financial Derivatives Market

The European Commission (“Commission”) has published a press release (“Press Release”) on its official website regarding the opening of an antitrust investigation into two undertakings operating in the financial derivatives market on 6 November 2025.

According to the Press Release,

In September 2024, as part of its own-initiative inquiry into possible competition infringements in the financial derivatives sector, the Commission carried out unannounced inspections at the premises of several undertakings.
Financial derivatives are financial contracts concluded between parties, the value of which varies according to the price of one or more underlying assets. These contracts are generally used for hedging purposes, taking positions on price movements, or for speculative purposes.
Article 101 of the Treaty on the Functioning of the European Union (“TFEU”) and Article 53 of the EEA Agreement prohibit agreements and other restrictive business practices that affect trade and prevent or restrict competition within the Single Market. The procedures and principles governing the implementation of these provisions are laid down in Regulation No 1/2003.
It is assessed that the undertakings concerned may have entered into agreements or concerted practices not to compete within the European Economic Area in the fields of listing, trading, and clearing of certain derivatives.
In addition, it has been indicated that concerted practices may also have occurred in relation to demand allocation, price coordination, and the exchange of commercially sensitive information.
If confirmed, such conduct may constitute an infringement of the cartel prohibition and the rules on restrictive business practices set out in Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement.
It has been stated that anticompetitive agreements may undermine market integrity and adversely affect the prices and quality of goods and services.
The Commission has informed the parties concerned and the competition authorities of the Member States that the investigation has been opened. It has been stated that there is no legal deadline for the duration of an antitrust investigation, which may vary depending on the complexity of the case, the level of cooperation by the parties, and the scope of the exercise of the rights of defence.

You can access the full text of the Press Release here.

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Zumbul Attorneys-at-Law

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