|Foundation||1 July 1988|
|Exchanges||Frankfurt Stock Exchange|
|Market cap||€971.8 billion (Feb 28, 2017)|
|Related indices||MDAX, SDAX, TecDAX, ÖkoDAX|
The DAX (Deutscher Aktienindex (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the Xetra trading venue. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.It is the equivalent of the FT 30 and the Dow Jones Industrial Average, and because of its small selection it does not necessarily represent the vitality of the economy as whole.
A blue chip is stock in a corporation with a national reputation for quality, reliability, and the ability to operate profitably in good and bad times. The most popular index that follows United States blue chips is the Dow Jones Industrial Average, a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. All companies in the Dow Jones Industrial Average are blue-chips, but the Dow Jones Industrial Average is an index that does not include all companies that are blue chips. Nevertheless, it has been a widely followed indicator of the stock market since October 1, 1928.
A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks. It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments.
Germany, officially the Federal Republic of Germany, is a country in Central and Western Europe, lying between the Baltic and North Seas to the north and the Alps, Lake Constance and the High Rhine to the south. It borders Denmark to the north, Poland and the Czech Republic to the east, Austria and Switzerland to the south, France to the southwest, and Luxembourg, Belgium and the Netherlands to the west.
The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra trading venue closes based on the floor trading at the Börse Frankfurt trading venue. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 08:00 and 17:45 Hours CET. The L/E-DAX index (Late/Early DAX) is calculated from 17:45 to 20:00 CET and from 08:00 to 09:00 CET. The Eurex, a European electronic futures and options exchange based in Zürich, Switzerland with a subsidiary in Frankfurt, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.
Xetra is a trading venue operated by Frankfurter Wertpapierbörse based in Frankfurt, Germany.
Zürich or Zurich is the largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland at the northwestern tip of Lake Zürich. The municipality has approximately 409,000 inhabitants, the urban agglomeration 1.315 million and the Zürich metropolitan area 1.83 million. Zürich is a hub for railways, roads, and air traffic. Both Zurich Airport and railway station are the largest and busiest in the country.
Switzerland, officially the Swiss Confederation, is a sovereign state situated in the confluence of western, central, and southern Europe. It is a federal republic composed of 26 cantons, with federal authorities seated in Bern. Switzerland is a landlocked country bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. It is geographically divided between the Alps, the Swiss Plateau and the Jura, spanning a total area of 41,285 km2 (15,940 sq mi), and land area of 39,997 km2 (15,443 sq mi). While the Alps occupy the greater part of the territory, the Swiss population of approximately 8.5 million is concentrated mostly on the plateau, where the largest cities are located, among them the two global cities and economic centres of Zürich and Geneva.
The Base date for the DAX is 30 December 1987, and it was started from a base value of 1,000. The Xetra technology calculates the index every 1 second since 1 January 2006.
The DAX has two versions, called performance index and price index, depending on whether dividends are counted. The performance index, which measures total return, is the more commonly quoted, however the price index is more similar to commonly quoted indexes in other countries. There are two versions of futures contract available: FDAX (€25 per point) and FDXM (otherwise known as FDAX mini at €5 per point).
The total return on a portfolio of investments takes into account not only the capital appreciation on the portfolio, but also the income received on the portfolio. The income typically consists of interest, dividends, and securities lending fees. This contrasts with the price return, which takes into account only the capital gain on an investment. In 2010 an academic paper highlighted this issue found with most web charts in the 'compare' mode, and was published in the Journal of Behavioral Finance. The discrepancy between total return charts and "price only" charts was later brought out in the Wall Street Journal.
On March 16, 2015, the performance index first closed above 12,000.On April 10, 2015, the price index first closed above its closing high from 2000.
|Closing||13,559.60||Tuesday, January 23, 2018|
|Intraday||13,596.89||Tuesday, January 23, 2018|
Below is the list of companies which are a component of DAX, as of the quarterly review effective on 27 December 2018. Current stock prices are available on the Deutsche Boerse website.
|Company||Prime Standard industry group||Ticker symbol||Index weighting (%) 1||Employees||Founded|
|Bayer||Pharmaceuticals and chemicals||BAYN||8.27||110,838 (2018)||1863|
|Beiersdorf||Consumer goods and chemicals||BEI||0.95||20,059 (2018)||1882|
|Deutsche Bank||Banking||DBK||1.73||91,463 (2019)||1870|
|Deutsche Börse||Securities||DB1||2.10||5,964 (2018)||1992|
|Deutsche Lufthansa||Transport Aviation||LHA||1.07||135,534 (2018)||1953|
|Deutsche Post||Logistics||DPW||2.82||547,459 (2018)||1995|
|Deutsche Telekom||Communications||DTE||4.47||215,675 (2018)||1995|
|Fresenius Medical Care||Medical||FME||1.80||118,308 (2018)||1996|
|Henkel||Consumer goods and chemicals||HEN3||1.88||53,450 (2018)||1876|
|Infineon Technologies||Semiconductors||IFX||2.72||40,100 (2018)||1999|
|Linde||Industrial gases||LIN||3.49||58,000 (2018)||1879|
|Munich Re||Insurance||MUV2||2.72||41,410 (2018)||1880|
|Siemens||Industrial, electronics||SIE||9.34||379,000 (2018)||1847|
|ThyssenKrupp||Industrial, manufacturing||TKA||1.10||161,096 (2018)||1999|
|Volkswagen Group||Manufacturing||VOW3||2.88||302,554 (2018)||1937|
|Vonovia||Real estate||VNA||1.85||9,923 (2018)||2001|
|Wirecard||Financial Technology||WDI||0.85||4,989 (2018)||1999|
^Note 1 : Weightings as at 27 December 2018 (remained unchanged from the previous quarterly review ). Source: de:DAX.
This table lists former DAX components and the companies which replaced them.
|Date||Component excluded||Component included||Reason for exclusion/ Comments|
|03.09.1990||Feldmühle Nobel||Metallgesellschaft||Takeover of Feldmühle Nobel by Stora Enso|
|Nixdorf Germany||Preussag (now TUI)||Merged with Siemens to form Siemens-Nixdorf|
|18.09.1995||Deutsche Babcock||SAP||Replaced by SAP because of lower market capitalisation|
|22.07.1996||Kaufhof||METRO||Merger of Kaufhof and Metro Cash & Carry|
|23.09.1996||Continental||Münchener Rück||Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012|
|18.11.1996||Metallgesellschaft||Deutsche Telekom||IPO of Deutsche Telekom|
|adidas||Merger of Vereinsbank and Hypobank to form HypoVereinsbank|
|Merger of Daimler-Benz with Chrysler|
|22.03.1999||Degussa||Degussa-Hüls||Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG|
|25.03.1999||Thyssen||ThyssenKrupp||Merger of Thyssen and Krupp|
|20.09.1999||Hoechst||Fresenius Medical Care||Merger of Hoechst and Rhône-Poulenc with Aventis|
|14.02.2000||Mannesmann||Epcos||Takeover of Mannesmann by Vodafone|
|19.06.2000||Veba||E.ON||Merger of Veba and Viag to form E.ON|
|18.12.2000||Degussa-Hüls||Degussa||Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG|
|19.03.2001||KarstadtQuelle||Deutsche Post||IPO of Deutsche Post|
|23.07.2001||Dresdner Bank||MLP Vz.||Takeover of Dresdner Bank by Allianz|
|23.09.2002||Degussa||Altana||Inadequate market capitalisation|
|23.12.2002||Epcos||Deutsche Börse||Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.|
|22.09.2003||MLP||Continental||Inadequate free float and market capitalisation.|
|31.01.2005||Lanxess||Lanxess was spun off from Bayer. It was added to the DAX in 2012 and removed in 2015.|
|19.12.2005||HypoVereinsbank||Hypo Real Estate||Takeover of HypoVereinsbank by UniCredit|
|18.09.2006||Schering||Postbank||Takeover of Schering by Bayer|
|18.06.2007||Altana||Merck||After the sale of Nycomed, inadequate market capitalisation|
|22.09.2008||TUI||K+S||Fast-entry of K+S, inadequate market capitalisation of TUI|
|22.12.2008||Continental||Beiersdorf||Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group|
|22.12.2008||Hypo Real Estate||Salzgitter||Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor JC Flowers, as well as huge decline in market capitalisation during the Financial crisis of 2007–2010|
|23.03.2009||Deutsche Postbank||Hannover Re||Fast-exit due to inadequate market capitalisation|
|Infineon Technologies||Fresenius Vz|
|21.09.2009||Hannover Re||Infineon Technologies||Inadequate market capitalisation|
|21.06.2010||Salzgitter||HeidelbergCement||Inadequate market capitalisation|
|24.09.2012||MAN||Continental||Inadequate free-float capitalisation after acquisition by Volkswagen|
|24.09.2012||Metro||Lanxess||Inadequate market capitalisation|
|21.09.2015||Lanxess||Vonovia||Inadequate market capitalisation|
|21.03.2016||K+S||ProSiebenSat.1 Media||Inadequate market capitalisation|
|19.03.2018||ProSiebenSat.1 Media||Covestro||Inadequate market capitalisation|
|24.09.2018||Commerzbank||Wirecard||Inadequate market capitalisation|
The Frankfurt Stock Exchange is the world's 10th largest stock exchange by market capitalization.
Eurex Exchange is an international exchange which primarily offers trading in European based derivatives and it is the largest European futures and options market. The products traded on this exchange vary from German and Swiss debt instruments to European stocks and various stock indexes. All transactions executed on Eurex Exchange are cleared through Eurex Clearing, which functions as a central counterparty (CCP) for multi-asset class clearing of the above-mentioned exchange-traded product range as well as over-the-counter traded products.
The MDAX is a stock index which lists German companies. The index is calculated by Deutsche Börse.
The SDAX is a stock market index composed of 70 small and medium-sized companies in Germany. These so-called small caps rank directly below the MDAX shares in terms of order book volume and market capitalization. They are thus the 81st-150th largest publicly traded companies in Germany.
Deutsche Börse AG or the Deutsche Börse Group, is a marketplace organizer for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt. As of December 2010, the over 765 companies listed had a combined market capitalization of EUR 1.4 trillion. On 1 October 2014, Deutsche Börse AG became the 14th announced member of the United Nations Sustainable Stock Exchanges initiative.
The TecDAX stock index tracks the performance of the 30 largest German companies from the technology sector. In terms of order book turnover and market capitalization the companies rank below those included in the DAX.
The Prime Standard is a market segment of the Frankfurt Stock Exchange that includes companies which comply with transparency standards higher than those of the General Standard, which is regulated by law. The Prime Standard includes quarterly reporting as well as ad hoc disclosure in German and English, application of international accounting standards, publication of a financial calendar and staging of at least one analyst conference per year. Companies must satisfy the requirements of the Prime Standard to be listed in the DAX, MDAX, TecDAX and SDAX.
The EURO STOXX 50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group. According to STOXX, its goal is "to provide a blue-chip representation of Supersector leaders in the Eurozone". It is made up of fifty of the largest and most liquid stocks. The index futures and options on the EURO STOXX 50, traded on Eurex, are among the most liquid such products in Europe and the world.
U.S. Futures Exchange (USFE) was a Chicago-based, electronic futures exchange that terminated all exchange operations on December 31, 2008. On December 17, 2008, MF Global had announced USFE was for sale or would be closed by December 31, 2008. USFE was originally Eurex US who bought BrokerTec, but applied and received its own futures exchange license from the U.S. Commodity Futures Trading Commission. In October 2006, Man Group bought a majority share of Eurex US and rebranded the exchange U.S. Futures Exchange. It has been working to release a set of new products under a strategy of bringing innovation to the more than century-old derivatives business. The chief executive officer was John Spiegel.
ÖkoDAX is a German stock market index which includes ten companies in the renewable energy sector. It was introduced on 4 June 2007. The constituting companies and their weightings are reviewed quarterly. The companies should be represented with equal proportions. The ÖkoDAX is calculated as a performance index as well as a price index.
Pfeiffer Vacuum Technology AG is a German manufacturer of vacuum pumps. It is headquartered in Aßlar in Germany with 70% of the total production catering to the export market.
STOXX Limited is a Swiss globally integrated index provider, covering the world markets across all asset classes – developing, maintaining, distributing and marketing a comprehensive global family of strictly rules-based and transparent indices. STOXX is a wholly owned subsidiary of Deutsche Börse Group. STOXX calculates more than 10,000 indices and in addition acts as the marketing agent for the indices of Deutsche Börse indices like DAX.
Rudolf Ferscha is an Austrian banker and business executive who was previously an executive board member of Goldman Sachs Bank in Frankfurt and of Deutsche Börse AG, one of Germany’s top 30 listed companies. He also served as CEO of Eurex and as Chairman of the Frankfurt Stock Exchange. Ferscha holds a law degree from the University of Vienna.
Evotec SE is a publicly listed drug discovery and development company headquartered in Hamburg, Germany. The company operates globally, largely through external alliances with pharmaceutical and biotechnology companies, academic institutions, patient advocacy groups, and venture capitalists. As of September 2018, Evotec had a market capitalization of €3.29 billion and a pipeline of more than 100 partnered programs in discovery, pre-clinical development and clinical development.
The HDAX is a German stock market index calculated by Deutsche Borse. It consists of all member companies of the DAX, MDAX, and TecDAX, and is a successor to the DAX 100 index.
The CDAX is a German stock market index calculated by Deutsche Börse. It is a composite index of all stocks traded on the Frankfurt Stock Exchange that are listed in the General Standard or Prime Standard market segments.
Photovoltaik Global 30 Index is a German stock market index which includes up to 30 companies in the photovoltaics sector. It was introduced on 1 June 2009. The constituting companies and their weightings are reviewed quarterly. No company should be represented with more than 10 per cent. The Photovoltaik Global 30 Index is calculated as a performance index as well as a price index.
Talanx is a German insurance company based in Hannover, specialising in provision of business-to-business insurance. As of 2016, it was a constituent of the MDAX trading index of German mid-cap companies. In September 2018 it was shifted from MDAX to SDAX.
Yakir Gabay is an international business man who lives in London. Gabay is the son of Meir Gabay, who was the Director General of the Ministry of Justice and who also served as the Civil Service Commissioner of Israel and as the President of the United Nations Administrative Tribunal. Yemima Gabay, his mother, was a senior at the State Attorney's Office and Director of the Pardons Department in the State Ministry of Justice.