Deutsche Börse To Calculate DAX By The Second As Of January

As of 2 January 2006, Deutsche Börse will be calculating its DAX®, MDAX® and TecDAX® selection indices by the second and disseminating them via its CEF® real-time data feed. This will increase the index calculation frequency from every 15 seconds to every second. The increased frequency of updates on Germany’s key equity indices will enable Deutsche Börse to boost the attractiveness of these indices for issuers of and investors in highly liquid financial products such as certificates and warrants, and derivative financial products traded on the Eurex derivatives exchange. Customers who require price information in real time for their automated trading applications will benefit from the ability to perform faster and more precise analyses.

Deutsche Börse has been calculating the DAX index since 1 July 1988 and has been making ongoing enhancements to the index ever since. This has made the DAX both a standard for investments in German equities and the Deutsche Börse’s best-known equity index. The DAX also provides the basis for some of the world’s highest volume derivatives market products. The increased calculation frequency is one of several measures taken by Deutsche Börse over the past 17 years, bringing its DAX benchmark index into line with growing demands.

As well as options and futures, around 5,000 warrants and certificates, a number of funds and two exchange-traded funds are based on the DAX. With a total of 30 stocks and a market capitalization of around 560 billion euros, the index covers more than 82% of the entire German equity market.

DAX®, MDAX® and TecDAX® are registered trademarks of Deutsche Börse AG.