The Deutsche Börse is backpedaling in the calculation of the morning Dax.
From July 22, the prices of the 40 individual stocks must again be available before the German benchmark index is calculated, the stock exchange operator announced on Thursday. Since March, the exchange had already calculated the first level of the Dax when only one price was available after the start of trading at 9:00 a.m. – the previous day’s closing levels of the other values were then integrated into the index. But this was opposed by providers of structured products, who for example issued knock-out certificates on the Dax and which depend on the exact levels of the index, a spokesperson for the Stock Exchange said on Thursday. .
The first level of Dax should, however, be available no later than 9:06 a.m. If an index value has not yet been traded at that time, only the previous day’s value will be taken into account in the calculation. Over the past ten years, an average of two minutes and 13 seconds passed after trading began before all Dax shares were traded, the spokesperson said.
For the other indices of the Dax family – MDax, SDax and TecDax – the rules are slightly different: For them, at least three quarters of all securities must have been traded before the index is established, i.e. 38 for the MDax , 53 for the SDax and 23 for the TecDax. But, as the spokesperson explained, a first inventory should also be available no later than 9:06 a.m.
The calculation of the Dax closing, also modified in the spring, should however remain unchanged. Xetra trading will end as before at 5:30 p.m., but the latest price movements will be taken into account in the index calculation until 6 p.m. Previously, the exchange already established the Xetra closing price at the end of the closing session, a few minutes after 5:30 p.m.
(Reporting by Alexander Hübner, written by Sabine Ehrhardt. For any questions, please contact our editorial team at [email protected] (for politics and economics) or [email protected] (for business and markets).
