Deutsche Börse launches new XDAXDAX index

The index includes full coverage of U.S. trading hours to help minimize overnight risk.

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 DAX has slid to start the year as other equity markets slumped to begin the year. 1 y ear chart courtesy BarChart.
The DAX has slid from its 12,400 peak back in April ’15 as equity markets slumped into summer and to begin the year. 1 year chart courtesy BarChart.

For the official release click here.

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Deutsche Börse launches new XDAXDAX index


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