What is The
The DAX (Deutscher Aktienindex) is the most important index in Germany and the leading index of the Deutsche Börse. It has been published since June 1988 and replaced the older Hardy Index and the Börsen-Zeitung index.
The DAX entered trading at a level of 1,163.52 points. This level resulted from the fact that the closing price for 1987 had been set at 1,000 points and the DAX prices were calculated from this point onwards until June 1988, although the DAX did not yet exist at this time.
The DAX is the German blue-chip index and consists of the 30 German companies with the highest market capitalization and the largest stock market turnover, the performance of which is reflected in the DAX. In total, the companies listed in the DAX represent around 79 per cent of the German stock exchange value.
For this reason, the DAX and its performance are also regarded as an indicator for the German share market as a whole.
In order to be included in the DAX, a company must fulfill certain criteria. For example, shares must be listed in the Prime Standard of the Deutsche Börse. In this exchange segment, companies must meet specific international transparency requirements.
For example, the companies must present regular quarterly reports and annual financial statements as well as hold an annual analyst conference. In addition, ad hoc reports must be published in German and English.
The composition of the DAX is reviewed once annually and adjusted where necessary. The adjustments are always made in September after the close of trading.
The DAX is traded each trading day during Xetra trading hours between 9:00 am and 5:30 pm; the index level is calculated continuously once a second in real time. After the end of Xetra trading, the DAX is traded based on floor trading until 10:00 pm (L-DAX, Late-DAX).
The DAX is also traded before the start of Xetra trading from 8:00 am in the E-DAX (Early-DAX). In addition, the X-DAX is traded between 8:00 am and 9:00 am and between 5:45 pm and 10:00 pm on the basis of the DAX futures traded on the Eurex futures exchange and the official Euribor interest rates published by the European Central Bank.
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