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Deutsche Börse Group has introduced an extended market model for DAX 40 equities, combining core Xetra liquidity with round-the-clock trading through 360X, its affiliated entity.
360X provides 24/7 coverage of DAX 40 equities through off-hours execution on its regulated multilateral trading facility (MTF) segment. During overnight hours and weekends, trading runs via request-for-quote (RfQ) execution, where a participant requests prices from liquidity providers.
Xetra continues to provide institutional benchmark liquidity during core European market hours, Monday to Friday, 09:00 to 17:30 CET. Extended retail service continues on T7, Monday to Friday, 08:00 to 22:00 CET. Together, the two venues allow clients to trade DAX 40 equities settled in euro outside regular exchange hours.
Under this set-up, standard DAX 40 instruments trade exclusively through the RfQ module on 360X, leaving core Xetra processes unchanged. Standard auction cycles remain in place, and off-hours closing prices on 360X do not set opening prices or affect opening auctions on Xetra.
Existing Deutsche Börse clients can onboard directly to 360X and trade traditional DAX ISINs. Activation is available today through a simplified administrative process in the Deutsche Börse Member Section. Participants can keep their established post-trade connections, with all trades settling bilaterally into their existing Clearstream accounts.
Eric Leupold, Head of Cash Market, Deutsche Börse Group
Eric Leupold, Head of Cash Market, Deutsche Börse Group, said:
“Deutsche Börse Group aims to be the first European Financial Market Infrastructure to enable a 24/7 offering of traditional blue-chip equities.”
Carlo Kölzer, Head of Digital and FX, Deutsche Börse Group, and Co-CEO, 360X, added:
“By enabling the DAX 40 constituents on 360X, we are safely bridging deep, regulated liquidity pools with the flexibility of round-the-clock availability, ensuring our clients can manage risk whenever global markets move; all while preserving the absolute integrity of the core Xetra benchmark cycles.”
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