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德國旗艦指數DAX擴大至40個成分股,這標誌著該指數的重大發展。 DAX指數此次的改革對衍生品交易的影響是什麼?為此我們採訪到了歐洲期貨交易所(Eurex)的股票和指數產品設計總監Zubin Ramdarshan。
Zubin,能請您能簡要介紹一下今年九月份DAX指數選股方法改革的具體內容嗎?
9月20日,德國領先的旗艦指數DAX的成分股增加到40隻股票,這是該指數歷史上最為全面的改革。選股構成規則的更加完善以及更符合國際標準的調整,使新的DAX指數能夠更廣泛地覆蓋德國資本市場。隨著原德國中型企業MDAX指數的10只成分股新加入DAX指數--空中巴士(Airbus SE)、扎蘭多(Zalando SE)、西門子醫療(Siemens HealthineersAG)、德之馨(Symrise AG)、哈羅生鮮(HelloFresh SE)、賽多利斯(Sartorius AG Vz)、保時捷(Porsche Automobil Holding)、布朗德(Brenntag SE)、彪馬(Puma SE)和凱傑(Qiagen N.V.)--DAX指數中個別股票的權重發生了變化:價格水平現在需要分配給40隻股票。同時隨著新的和額外的成分股出現,不同行業在DAX指數中的類股權重也將發生變化,例如零售業。
為什麼要從30個成分股增加到40個?這背後的想法是什麼?
指數構成方法中,成分股的數量其實只是幾個參數中的一個。增加到40個成分股將使得DAX指數提供一個更為完善的基準,以及增強行業多樣性。隨著DAX指數的構成擴張到40個成分股,該指數的流動性和可投資性大大增加,作為德國的旗艦指數,DAX能夠更全面地代表德國的股票市場。
對客戶來說,有哪些重要的規則變化需要了解,您會如何評價這些變化的影響呢?
對於DAX指數的候選公司的新要求是,自去年12月開始,這些公司必須證明其盈利能力。同時,還規定候選公司及時公佈審計後的年度、半年度和季度報告。這些要求能夠使得德交所旗下指數供應商Qontigo在候選公司的財務報告出現問題時及早採取行動。
還有很重要的一點值得注意的是公司市值是目前排名的唯一基準。證券交易所的交易額不再被當作一個衡量指標,取而代之的是最低流動性水平。對於所有的投資者來說,這些規則和條例更加簡單,以及容易理解。這些規則的改變使DAX指數和其他藍籌指數的標準一致,大大增加了DAX指數的透明度和可預測性。當然,最重要的是DAX指數仍然應當作為德國經濟可靠的晴雨表,以及作為金融產品的標的指數值得被投資。
DAX指數的改革對於整個DAX指數家族衍生品的交易帶來了哪些新的機遇呢?
在歐洲期貨交易所(Eurex)上市交易的DAX藍籌指數衍生品系列包括DAX指數期貨、期權以及ESG版本的DAX指數期貨和期權。期貨產品包括常規指數期貨,以及迷你和微型DAX指數期貨,迷你和微型DAX指數期貨的合約價值比常規指數期貨合約分別小5倍和25倍。這些衍生品是全球流動性最好的金融產品之一。期貨產品為尋求德國市場敞口的全球投資者提供了直接對沖德國旗艦指數價格波動的機會,是投資者進行戰術資產配置的完美金融工具,同時為投資者們提供有趣的交易機會,比如在德國即將舉行的聯邦選舉前後的市場敞口。
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