Editing DAX (section)

{{Short description|Blue chip stock market index}}
{{Other uses|Dax (disambiguation)}}
{{Use dmy dates|date=January 2025}}
{{bots|deny=Citation bot}}
{{Infobox index
|name         = DAX
|logo         = DAX-logo.svg
|image        = Dax-chart-1959-2019.png
|Currency Euro|foundation   = 1 July 1988
|operator     = [[STOXX]] ([[Qontigo]], [[Deutsche Börse]])
|exchanges    = [[Frankfurt Stock Exchange]]
|constituents = 40 (expanded from 30 in 2021)
|cap_level    = Large cap
|mcap         = [[Euro|€]]1,891 billion <small>(March 2025)</small><ref>{{Cite web|url=https://stoxx.com/index/daxnr/|title=1-DAX (DAXNR) (DE000A1A4D00)|website=STOXX}}</ref>
|weighting    = [[Capitalization-weighted index|Capitalization-weighted]]
|related      = [[MDAX]], [[SDAX]], [[TecDAX]], [[ÖkoDAX]]
|homepage     = [https://www.dax-indices.com/index-details?isin=DE0008469008 DAX homepage]
}}

The '''DAX''' (''Deutscher Aktienindex'' (German stock index); {{IPA|de|daks|-|De-DAX.ogg}}) is a [[stock market index]] consisting of the 40 major [[Germany|German]] [[Blue chip (stock market)|blue chip]] companies trading on the [[Frankfurt Stock Exchange]]. It is a [[total return index]]. Prices are taken from the [[Xetra (trading system)|Xetra]] trading venue. According to [[Deutsche Börse]], the operator of [[Xetra (trading system)|Xetra]], DAX measures the performance of the [[Prime Standard]]'s 40 largest German companies in terms of order book volume and market capitalization.<ref>{{Cite web|url=http://deutsche-boerse.com/dbag/dispatch/en/isg/gdb_navigation/private_investors/20_Equities/20_Indices/10_DAX?module=InOverview_Index&wp=DE0008469008&wplist=DE0008469008&foldertype=_Index|title=DAX|website=deutsche-boerse.com|access-date=1 April 2007|archive-date=29 September 2007|archive-url=https://web.archive.org/web/20070929111611/http://deutsche-boerse.com/dbag/dispatch/en/isg/gdb_navigation/private_investors/20_Equities/20_Indices/10_DAX?module=InOverview_Index&wp=DE0008469008&wplist=DE0008469008&foldertype=_Index|url-status=live}}</ref> DAX is the equivalent of the UK [[FTSE 100]] and the US [[Dow Jones Industrial Average]], and because of its small company selection it does not necessarily represent the vitality of the German economy as a whole.

The L-DAX Index is an indicator of the German benchmark DAX index's performance after the [[Xetra (trading system)|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 09:00 and 17:45 Hours CET.<ref>{{cite web|url=https://www.xetra.com/resource/blob/250972/24d50260d22cd63e0f600ae2543ca529/data/handelsparameter-xetra.pdf|title=Trading Parameter Xetra Frankfurt|publisher=[[Xetra (trading system)|Xetra]]|date=23 November 2020|archive-url=https://web.archive.org/web/20210826023256/https://www.xetra.com/resource/blob/250972/24d50260d22cd63e0f600ae2543ca529/data/handelsparameter-xetra.pdf|archive-date=2021-08-26|url-status=live}}</ref> The L/E-DAX index (Late/Early DAX) is calculated from 17:55 to 22:00 CET and from 08:00 to 09:00 CET. The [[Eurex]], a European electronic futures and options exchange based in [[Zurich]], [[Switzerland]] with a subsidiary in [[Frankfurt]], Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 01:10 to 22:00 CET or from 02:10 to 22:00 CEST.<ref>{{cite web|url=https://www.eurex.com/resource/blob/1412768/e61a2c41d65ad165af7909002223b943/data/er18088e.pdf|title=Extension of trading hours for selected benchmark futures and MSCI futures|publisher=[[Eurex Exchange]]|date=15 November 2018|archive-url=https://web.archive.org/web/20210826023630/https://www.eurex.com/resource/blob/1412768/e61a2c41d65ad165af7909002223b943/data/er18088e.pdf|archive-date=2021-08-26|url-status=live}}</ref>

The Base date for the DAX is 30 December 1987, and it was started from a base value of 1,000. The [[Xetra (trading system)|Xetra]] technology calculates the index every second since 1 January 2006.

On 24 Nov 2020, Deutsche Börse announced an expansion of the DAX from 30 to 40 members and a tightening of rules in response to the [[Wirecard scandal|Wirecard accounting scandal]].<ref>{{Cite news|url=https://www.reuters.com/article/deutsche-boerse-dax-idUSL8N2IA0QV|title=Germany's DAX to expand to 40 members from 30 in index shake-up|date=24 November 2020|agency=Reuters|archive-date=8 December 2020|access-date=20 May 2021|archive-url=https://web.archive.org/web/20201208133236/https://www.reuters.com/article/deutsche-boerse-dax-idUSL8N2IA0QV|url-status=live}}</ref> The expansion occurred in the 3rd quarter of 2021.<ref>{{Cite web|url=https://www.metro.us/germanys-dax-index-gets/|title=Germany's DAX index gets shake-up in wake of Wirecard scandal – Metro US|first1=Shriya|last1=Ramakrishnan|first2=Shivani|last2=Kumaresan|website=metro.us|date=24 November 2020|access-date=20 May 2021|archive-date=8 December 2020|archive-url=https://web.archive.org/web/20201208133323/https://www.metro.us/germanys-dax-index-gets/|url-status=live}}</ref>