Nasdaq Withdraws from Nordic Power Market Transfer

Nasdaq has cancelled its plan to transfer its Nordic power trading and clearing business to the European Energy Exchange (EEX). The deal faced scrutiny from EU anti-trust regulators and risked a full-scale investigation. Both Nasdaq and EEX will continue to operate independently in the region.

Nasdaq has cancelled plans to transfer its Nordic power trading and clearing business to the European Energy Exchange (EEX), the U.S. exchange operator and the Germany-based energy bourse said in separate statements on Wednesday.

The EEX will continue to pursue its own business strategy for the region and related markets independently, the bourse said, without providing any reason for the deal termination. Nasdaq said it will continue to operate its Nordic power trading and clearing business.

The deal, which was announced last year, risked a full-scale investigation by EU anti-trust regulators, Reuters had reported earlier this month. The European Commission, which acts as the EU competition enforcer, last month asked rivals and customers whether the deal may allow EEX to bundle its products to expand its market power and also spike prices.

Last year, the EEX and Nasdaq said the deal posed no significant threat to competition in Denmark, Finland, Sweden, Norway or any other EU country, nor would it eliminate competition between the two companies.

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