Deutsche Börse 24/7 DAX 40 Trading on 360X
Deutsche Börse Group says it now offers 24/7 trading in DAX 40 equities, with overnight and weekend execution on the regulated multilateral trading facility (MTF) segment of 360X. The DAX 40 is the index of Germany’s 40 largest listed blue-chip companies, and an MTF is a regulated trading venue that is not a full exchange.
The group announced the launch on 27 October. It described the offer as an extended market model that combines core Xetra liquidity with round-the-clock trading on 360X, its affiliated entity.
Outside Xetra hours, standard DAX 40 instruments trade exclusively through the 360X request-for-quote (RfQ) module, where a client asks for a price rather than hitting a displayed order book. Xetra’s core session runs Monday to Friday, 09:00 to 17:30 Central European Time (CET), and the T7 extended retail service runs Monday to Friday, 08:00 to 22:00 CET.
Xetra keeps processing its own trading, and its auction cycles do not change. Closing prices set on 360X outside those hours will not dictate Xetra opening prices or affect the opening auctions, the price-setting stage at the start of the Xetra session.
Existing Deutsche Börse clients can activate 360X today through a simplified administrative process in the Deutsche Börse Member Section and trade DAX constituents under their traditional International Securities Identification Numbers (ISINs), the unique codes that identify each share.
Trades settle bilaterally, meaning directly between the two counterparties, in euro into existing Clearstream accounts. Clearstream is the settlement and custody provider, and participants can keep their established post-trade connections.
360X is regulated by Germany’s Federal Financial Supervisory Authority (BaFin) and the European Securities and Markets Authority (ESMA), according to the release. Clients connect through an application programming interface (API), the Financial Information eXchange (FIX) messaging standard, or the Member Section.
Carlo Kölzer, Head of Digital and FX at Deutsche Börse Group and Co-CEO of 360X, set out the aim:
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.
Carlo Kölzer, Deutsche Börse Group
Eric Leupold, Head of Cash Market at Deutsche Börse Group, said the group “aims to be the first European Financial Market Infrastructure to enable a 24/7 offering of traditional blue-chip equities”.
For brokers and institutional desks dealing in German blue chips, the group presents the venue as a regulated, euro-settled route for managing overnight and weekend risk. Firms that are not existing Deutsche Börse clients should check their eligibility and onboarding route, as the announcement does not say whether UK or retail participants can access it.
