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Deutsche Börse has added the XDAXDAX index to its DAX index family. The new index will enable customers to use just one index as an underlying for their products that are linked to the performance of DAX before, during or after Xetra trading hours. Issuers previously had to use both the DAX and XDAX indices for this purpose. XDAX trading data is used to calculate the XDAXDAX during pre- and post-trading hours; as soon as calculation of the DAX index begins, the XDAXDAX runs on the basis of these values.
“The XDAXDAX gives structured product providers a simple and transparent means of covering the full trading hours of the derivatives market, from 8 a.m. to 10 p.m. The index is a logical addition to the current DAX index family and combines the concepts of the DAX and the XDAX indices under a single identifier,” said Hartmut Graf, Chief Executive Officer of STOXX Limited.
The DAX index, which measures the performance of the 30 largest and most liquid companies on the German stock market, represents around 80 percent of market capitalisation of companies listed in Germany. It is based on Xetra trading data and is calculated daily from 9.06 a.m. to 5.30 p.m. Since January Deutsche Börse changed the starting time of its daily DAX calculation. The DAX index is now being calculated starting no later than 9.06 a.m. The previous index calculation began as soon as all 30 DAX equities have ended their opening auction on Xetra, but no later than 9.03 a.m.
The XDAX is an indicator that shows the performance of DAX outside Xetra trading hours. The prices of DAX futures traded on the Eurex derivatives exchange and the European Central Bank's Euribor interest rates are used in its calculation. The full coverage of U.S. trading hours helps to minimise overnight risk.
DAX®, XDAX® and XDAXDAX® are registered trademarks of Deutsche Börse AG.
About Deutsche Börse – Market Data + Services
Deutsche Börse is one of the world’s leading data and technology service providers for the securities industry with a product and service offering for issuers, investors, intermediaries and data vendors. The Group covers the entire value chain from trading, through clearing, to settlement and securities custody. Deutsche Börse Market Data + Services encompasses the Group’s extensive market data offering and external technology and connectivity services. The product and service range includes real-time and historical data from the Group's trading venues Eurex and Xetra as well as from cooperation partners. It also includes exclusive trading signals independent of its platforms such as economic indicators or macroeconomic news, reference data for more than 1,000,000 securities, approximately 10,825 indices including the STOXX and DAX index families, superior capital market infrastructure, and reliable connectivity services.
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