Deutsche Börse Launches New DAX Indicator Based On DAX Future Prices; X-DAX Offers Indicative DAX Calculation During Extended Eurex Trading Hours

Deutsche Börse introduced a new index on Monday, offering an indicative DAX® calculation from 5.45 p.m. to 10 p.m. Central European Time (CET). The new index 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 U.S trading day, the new X-DAX index meets the increasing market demand for an index that highlights the influence of activities during the U.S. trading day on German blue chip companies. Eurex extended its trading hours for selected products to 10.00 p.m. CET (3 p.m. Chicago time/ 4 p.m. New York time) in November 2005 in order to improve access to Eurex’s benchmark products for U.S. trading participants.

In addition to X-DAX Deutsche Börse 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 Wertpapierbörse) for the period between 5:45 p.m. and the close of floor trading at 8:00 p.m. These indices correspond in composition to the respective DAX®, MDAX®, SDAX® and TecDAX® indices and give investors an indication of the market development in floor trading after Xetra trading ends at 5:30 p.m. CET. These indices will not be affected by the introduction of the X-DAX.

Market Data & Analytics calculates and publishes more than 1,800 indices in total, making Deutsche Börse one of the world’s most significant index providers. Market Data & Analytics also compiles, distributes, and markets independent capital market information, such as price data, trading statistics, and back office information for banks and financial institutions.