DEUTSCHE BÖRSE AG 
As of July 22, the prices of all 40 individual stocks must be available before the leading German index can be calculated, as the exchange operator announced on Thursday. Since March, the stock exchange had already calculated the first Dax level if only one price was available after the start of trading at 9.00 a.m. - the closing levels of the previous day were then included in the index for the other stocks. However, this met with resistance from providers of structured products, such as knock-out certificates on the Dax, who are dependent on exact index levels, as a stock exchange spokesman said on Thursday.
However, the first Dax level should be available by 9.06 a.m. at the latest. If an index value has not yet been traded by then, only the previous day's value will be included in the calculation. On average, in the past ten years, two minutes and 13 seconds have passed after the start of trading until all shares in the Dax have been traded, said the spokesman.
Slightly different rules apply to the other indices in the Dax family - MDax, SDax and TecDax: In their case, at least three quarters of all stocks must have been traded before the index is determined, i.e. 38 for the MDax, 53 for the SDax and 23 for the TecDax. However, the spokesman explained that there should be an initial result here too by 9.06 a.m. at the latest.
However, the calculation of the Dax closing level, which was also changed in the spring, is to remain unchanged. Xetra trading will continue to end at 5.30 pm, but the last price movements will be included in the index calculation until 6 pm. Previously, the stock exchange had already determined the Xetra closing price at the end of the closing auction a few minutes after 5.30 pm.
(Report by Alexander Hübner, edited by Sabine Ehrhardt. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).
