As reported by WSJ’s Gustav Sandstrom, Sweden’s Competition Authority said it is investigating whether Nasdaq OMX Group Inc. (NDAQ), the largest stock market operator in the country, attempted to unduly ward off competition from local rival Burgundy.
The Competition Authority last month visited the Swedish units of Nasdaq OMX and U.S.-based telecommunications group Verizon Inc. (VZ), looking for any potential evidence indicating that the companies may have engaged in anti-competitive cooperation, press secretary Jimmy Dominius told Dow Jones Newswires on Thursday.
He said, however, that the investigations have just begun and that no charges have been filed in the case.
A June 14 protocol by the Swedish Market Court, which handled the Competition Authority’s request to visit the companies, states that Nasdaq OMX Nordic unit OMX AB may have tried to convince Verizon not to allow its rival Burgundy to be a customer.
“There is good reason to believe that OMX has abused a dominant position in the market for stock exchange trading with Nordic securities,” the court said in its protocol, adding that the Competition Authority would in its investigation look for documents such as emails and meeting protocols.