ABN Amro, internet bank BinckBank and options house Optiver are going to court in an effort to break the Euronext stock exchange’s monopoly on options trading, the Financieele Dagblad reports on Monday.
The three companies have a joint trading venture known as TOM, but Euronext has denied it membership of the exchange for the past two years, the paper says
The banks and Optiver are now going to court to try and take out an injunction against Euronext and force it to accept the new trading platform as a member.
Legal documents accuse Euronext of ‘abusing’ its position of power in ‘what would seem to be the ultimate effort to prevent TOM… developing into a competitor’, the FD says.
Dutch trading houses and banks have complained for years about the high fees which Euronext charges, because of the lack of competition. TOM claims to be able to process orders more cheaply.
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