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Dax (Frankfurt Stock Exchange)

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DAX
INTRODUCTION
It is an index that tracks the price development of the 30 largest and most actively traded German equitiesDAX was launched on 1 July 1988 by FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange), Arbeitsgemeinschaft der Deutschen Wertpapierbörsen (Association of German Stock Exchanges) and Börsen-Zeitung (a German stock exchange newspaper).It comprises the 30 most actively traded stocks (blue chips), and represents approximately 75 percent of the aggregate capital stock of listed German stock corporations. Moreover, DAX shares account for approximately 85 percent of trading volume in German equities.DAX stocks are admitted to trading in the Regulated Market segment and are listed in Prime Standard. The criteria for weighting the stocks in the index are: trading volume and market capitalization on the basis of the number of shares in free float, as well as position in the respective sector.DAX is calculated by Deutsche Börse AG as both a price and performance index on the basis of Xetra prices, and updated by the second. The calculation procedure is independently monitored on a regular basis. Deutsche Börse decides whether changes are to be made to the composition of the index on an annual basis in September.Outside the regular review dates, a company can be taken out of the index if it does no longer belong to the 45 largest companies in terms of market capitalization and trading volume. Respectively, a company can be included in the index if it ranks among the 25 largest companies in terms of market capitalization and trading volume. The changeover takes effect as of the next scheduled chaining date.in a different twist from most indexes, the DAX is updated with futures prices for the next day, even after the main stock exchange has closed. Changes are made on regular review dates, but index members can be removed if they no longer rank in…...

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