DAX Index

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The DAX Index measures the performance of the Prime Standard’s 30 largest German companies traded on the Frankfurt Stock Exchange in terms of order book volume and market capitalization. The index is traded at Deutsche Boerse. It is based on prices generated in the electronic trading system Xetra, operated by Deutsche Boerse. Its calculation starts at 9.00 a.m. and ends with the prices from the Xetra closing auction at 5.30 p.m. From Xetra close until 10 p.m., Deutsche Boerse calculates the index X-DAX on the basis of DAX futures prices. Alternatively to this, the late index L-DAX is calculated.

The index represents around 80 percent of the market capitalization of listed stock corporations in Germany. It is the benchmark for a large number of financial products.

DAX is a trademark of Qontigo Index GmbH, which belongs to Deutsche Börse Group. In addition to the DAX itself, the DAX index family comprises further indices such as the MDAX®, which tracks the 50 largest companies that follow DAX, the SDAX® index, with the 70 next biggest companies after the MDAX index, and TecDAX®, with a focus on technology companies.[1]

The DAX was created in 1988 with a base index value of 1,000. It is updated with futures prices for the next day, even after the main stock exchange has closed. Changes are made on regular review dates, but index members can be removed if they no longer rank in the top 45 largest companies, or added if they break the top 25.[2]

It is often noted as the home of some of Europe’s biggest dividend payers, and shareholder returns are included in the index’s performance.[3]

On September 20, 2021, the DAX is scheduled to expand from 30 stocks to 40, in its largest-ever makeover. The overhaul is the final step in a series of changes by Qontigo, a subsidiary of Deutsche Boerse, to strengthen the benchmark and make it more representative of corporate Germany. The revision began in November of 2020, prompted by the collapse of Wirecard AG after an accounting scandal.[4] Wirecard was the first DAX member to file for bankruptcy. DAX companies now are required to publish quarterly statements and audited annual results, and those who fail to do so will be kicked out of the index.[5]


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