Goldman Sachs and Morgan Stanley will make the market in the U.S. stocks as US Market Experts and provide for liquidity. The US Market Experts continuously quote binding bid and ask prices at a minimum of 50,000 euros per quote. Baader Wertpapierhandelsbank AG, Finacor Rabe AG and Wertpapierhandelsbank Seydler AG, with their experience as lead brokers in the German market, will also function in this capacity. Clearstream Banking will clear and settle the transactions; by September 7, all Xetra US Stars will be put into collective safe custody for this purpose.
The US segment is the first building block in the Global Markets Concept, which is to be expanded by further segments along the lines of the Dow Jones STOXX 50 and Dow Jones Euro STOXX 50 indexes as well as for the Asia-Pacific region. The Global Markets Concept combines the strengths of the partners Deutsche Börse, Eurex, Eurex Clearing, Clearstream Banking and Dow Jones Indexes. Trading in euro-denominated stock options on U.S. equities at Eurex starts on September 24, with options on AOL Time Warner, Cisco Systems, Citigroup, EMC, General Electric, IBM, Intel, Microsoft, Oracle and Sun Microsystems. As further products in the cash market, Deutsche Börse expects exchange-traded index funds on the Dow Jones Industrial Average (DJIA) and the Dow Jones Global Titans 50 index to be listed in its XTF segment.
With the launch of trading in Xetra US Stars, Dow Jones Indexes, one of the leading global index providers, will use the Xetra prices of the U.S. stocks for its calculation of the Dow Jones Industrial Average and Dow Jones Global Titans 50 before the U.S. markets open. On this basis, the DJIA will be calculated and published from 9:00 a.m. to 3:30 p.m. (CET). The Dow Jones Global Titans 50 index calculation will also incorporate the Xetra prices for the U.S. stocks before the markets open in the United States.
