Deutsche Borse introduced a new index on Monday, offering an indicative DAX calculation, which is based on the futures contract on the DAX traded on the derivatives exchange Eurex.
The X-DAX is calculated in addition to the existing L-DAX index, calculated from 5.45 p.m. to 8 p.m. CET on the basis of the floor prices on the FWB Frankfurt Stock Exchange.
X-DAX represents the value of the FDAX, adjusted for interest payments. The high level of liquidity in DAX futures provides a meaningful indication of market movement following the close of the DAX calculation at 5.45 p.m.
By covering almost the entire US trading day, the new X-DAX index hopes to meet the increasing market demand for an index that highlights the influence of activities during the US trading day on German blue chip companies. Eurex extended its trading hours for selected products to 10 p.m. CET (3 p.m. Chicago time/ 4 p.m. New York time) in November 2005 in order to improve access to Eurexs benchmark products for US trading participants.
In addition to X-DAX Deutsche Borse currently calculates the indices L-DAX, L-MDAX, L-SDAX and L-TecDAX every 60 seconds from prices traded on the floor of the Frankfurt Stock Exchange (FWB Frankfurter Wertpapierborse).