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European Commission Spokesperson’s Statement On An Antitrust Probe In The Financial Services Sector

Date 23/07/2004

The Commission confirms that it launched an own-initiative antitrust probe in the financial services sector.

In this context, Commission officials -- assisted by officials from National Competition Authorities -- launched simultaneous unannounced inspections at the premises of Euronext and certain financial services companies in Paris, Amsterdam and London.

The purpose of the inspections is to ascertain whether there is evidence establishing a breach of European competition rules.

An inspection is only an initial step in an antitrust investigation. The probe is at a preliminary stage and the investigation measures taken do not prejudge any final outcome. There is no fixed timetable for concluding antitrust investigations which depend on a number of factors, including the evidence uncovered by the Commission, the extent to which the undertakings concerned co-operate and the complexity of each case.

The probe concerns business practises. For the avoidance of doubt, there is no concern about trading operations.