EEX bourse requires EU antitrust okay for Nasdaq deal, EU says (updated)

European Energy Exchange AG

21/08/2023 11:41

(Adds European Commission comment, details)
    By Foo Yun Chee and Sudip Kar-Gupta
       BRUSSELS, Aug 21 (Reuters) - Deutsche Boerse's
 DB1Gn.DE  European Energy Exchange (EEX) has to seek EU
antitrust approval for its acquisition of Nasdaq's  NDAQ.O 
European power trading and clearing business because of its
importance to Europe's energy market, EU antitrust regulators
said on Monday.
    The European Commission, which acts as the competition
enforcer for the 27-country European Union, said it had been
asked by Denmark, Finland, Sweden and Norway to examine the deal
even though the acquisition falls below the EU merger rules on
turnover.
    Under the deal announced in June, Nasdaq will transfer
existing open positions in its Nordic, French and German power
futures as well as in European carbon emission allowance futures
(EUAs) to EEX's European Commodity Clearing (ECC).
    EEX is Europe's leading electricity and natural gas
exchange, serving 800 participants.
    The Commission said the two companies are the only providers
of services facilitating the on-exchange trading and subsequent
clearing of Nordic power contracts.
    "Such services allow for the use of long-term energy
contracts with set future prices and are therefore key for more
stable and predictable energy prices, to the ultimate benefit of
consumers and businesses," it said in a statement.
    "It is therefore important to ensure a strong and
competitive trading and clearing ecosystem to support the smooth
functioning of energy markets, especially in the current context
of energy crisis." 
    This is the third time that the EU antitrust watchdog has
used its power under the so-called Article 22 whereby EU
countries can request that it reviews deals which do not meet
the merger criteria but can impact their markets.

 (Reporting by Foo Yun Chee and Sudip Kar-Gupta; Editing by
Kirsten Donovan)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))