Dax Futures Key Facts

Here are some of the important DAX futures key facts. The German DAX is Deutsche Börse’s blue chip index for the German stock market – one of the most efficient stock markets in Europe. It is the benchmark index for the German equity market. The DAX measures the share performance of the 30 largest German companies in terms of exchange turnover and market capitalization at the Frankfurt stock exchange. It comprises the 30 largest and most actively traded German companies.

There are derivative solutions for DAX®, DivDAX®, MDAX® and TecDAX®. There is also a Mini-DAX® Futures with a tick size of EUR 5.

Contract standards

     
Contract Product ID Underlying
DAX® Futures FDAX®

DAX®, the blue chip index of Deutsche Börse AG

Mini-DAX® Futures FDXM
DivDAX® Futures FDIV DivDAX®, the dividend index of Deutsche Börse AG
MDAX® Futures F2MX MDAX®, the international mid cap index of Deutsche Börse AG
TecDAX® Futures FTDX TecDAX®, the international technology index of Deutsche Börse AG

Settlement

Cash settlement, payable on the first exchange day following the Final Settlement Day.

Contract values and price gradations

       
Contract Contract Value Minimum price change
Points Value
DAX® Futures EUR 25 0.5 EUR 12.50
Mini-DAX® Futures EUR 5 1 EUR 5
DivDAX® Futures EUR 200 0.05 EUR 10
MDAX® Futures EUR 5 1 EUR 5
TecDAX® Futures EUR 10 0.5 EUR 5

Contract months

Standard – up to 9 months: The three nearest quarterly months of the March, June, September and December cycle.

Last trading day and final settlement day

Last trading day is the final settlement day.

Final settlement day is the third Friday of each maturity month if this is an exchange day; otherwise it will be the exchange day immediately preceding that day.

Close of trading in the maturing futures on the last trading day is at the beginning of the Xetra® intraday auction starting at 13:00 CET (for MDAX® Futures at 13:05 CET).

 

Regular Trading Day

Pre-Trading Trading Post-Trading
    Full Late1 Late2 Restricted
07:30 07:50 22:00     22:30

 

Last Trading Day

Pre-Trading Trading Post-Trading
    Full Late1 Late2 Restricted
07:30 07:50 13:00      

Transaction Fees

Fee Type Fee
Exchange transactions: Standard fees (A-accounts) EUR 0.80 per contract
Exchange transactions: Standard fees (M- and P-accounts) EUR 0.50 per contract
TES transactions: Standard fees (A-accounts) EUR 0.95 per contract
TES transactions: Standard fees (M- and P-accounts) EUR 0.75 per contract
Position Closing Adjustments EUR 1.60 per contract
Cash settlement EUR 0.80 per contract
Position transfer with cash transfer

EUR 7.50 per transaction

 

Daily settlement price

The daily settlement prices for the current maturity month are derived from the volume-weighted average of the prices of all transactions during the minute before 17:30 CET, provided that more than five trades transacted within this period.

For the remaining maturity months, the daily settlement price for a contract is determined based on the average bid/ask spread of the combination order book.

 

Minimum Quote Size

2 contracts on the bid and ask side.

The minimum quote duration is 70 percent of the trading hours between 09:00 and 17:30 CET
(on a monthly average). The front month has to be quoted; five exchange days preceding the last trading day, Market Makers may choose to quote either the front month or the second contract month.

In Fast Market, the minimum quote size is reduced by 50 percent.

 

Final settlement price

The final settlement price is established by Eurex on the Final settlement day of the contract and is determined by the value of the respective index, based on Xetra® auction prices of the respective index component shares. The intraday auction starts at 13:00 CET (for MDAX® component shares at 13:05 CET).

 

Mini-DAX® Futures – the easy way to trade DAX®.

Since October 2015, you can trade the Mini-DAX® Futures (FDXM) in parallel to the popular DAX®-Futures (FDAX) with a significant lower contract value of just EUR 5. More than 14 million contracts have been traded since launch.

All advantages at a glance:

  • A contract size of EUR 50,000 (if DAX® is at a level of 10,000)
  • Lower margin of currently EUR 4,700*
  • Optimized risk protection through easy to trade positions
  • Transparent and liquid order book thanks to multiple Market Makers
  • Safety of fulfillment as Eurex Clearing mitigates counterparty risk