On one morning in late June 2011, officers at Sweden’s anti-trust authority Konkurrensverket arrived unannounced at Nasdaq’s European headquarters in the port district of Frihamnen, some distance from Stockholm city centre.

At the same time, the authority, usually known as the KKV, was conducting a second raid at Lunda - an industrial area to the west of the Swedish capital - at a data centre run by global telecommunications company Verizon.