The Swedish Competition Authority is taking legal action against stock exchange operator Nasdaq OMX Group, alleging that the firm’s Stockholm Stock Exchange abused its market dominance to the detriment of a rival – Burgundy – that catered to high frequency traders.
The antitrust agency, in a 28 May statement, has demanded that Nasdaq OMX pay €3.3million penalties and administrative fines.
Competition Authority Director-General Dan Sjöblom commented: “Companies that have previously held monopolies have a particular responsibility, as they start out with competitive advantages and market power. For Burgundy and its clients, this did not end well, as Burgundy no longer exists.”
Full content: Bloomberg
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