Reinforcing Competitive Integrity In EU Financial Markets: Antitrust Enforcement In Derivatives And Market Infrastructure

Introduction

The financial services sector constitutes a structural backbone of the European Union's Single Market. Efficient capital allocation, consumer welfare, and systemic stability depend on competitive markets that function without collusion, market foreclosure, or the abuse of essential infrastructure. In this context, the European Commission ("Commission") has consistently relied on Article 101 of the Treaty on the Functioning of the European Union ("TFEU") to detect, deter, and dismantle anti-competitive practices, adopting a rigorously enforcement-oriented approach in areas where market opacity and concentration exacerbate cartel risks.¹

At the centre of these enforcement efforts are interest rate derivatives—such as forward rate agreements, swaps, futures, and options—which constitute indispensable risk-management instruments for banks and corporations exposed to interest rate fluctuations. The value of these products is typically linked to benchmark