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STOXX decides rule change for DAX Selection Indices

Release date:
12 Aug 2020
| Deutsche Börse

STOXX decides rule change for DAX Selection Indices

- Insolvent companies must leave indices at short notice
- Rule change will be effective on 19 August 2020

Qontigo’s global index provider STOXX Ltd. has announced rule changes for the DAX family. STOXX decided to adopt the definition of Insolvency Event as proposed in the recent market consultation. According to the new rules, insolvent companies shall be removed from the DAX Selection Indices with two trading days’ notice. The rules will become effective on 19 August.

Changes to the composition of DAX Selection Indices will be communicated on 19 August 2020 after 22:00 CET and implemented on 21 August after market close. The affected indices will be calculated with the new composition as of 24 August 2020. Given the current situation, these rule changes would apply to Wirecard AG. The decision will be made on the basis of the ranking list of 31 July, as well as other requirements in the rulebook.

The new rule pertaining to insolvent companies was determined in a market consultation between 17 July and 7 August. Specifically, the amendment refers to the opening of insolvency proceedings as a procedure laid down by law and includes all relevant public notices in this respect. Since companies from other EU countries can also become index members, the rule does not only refer to German insolvency law. Further details are described in the current rulebook.

Irrespective of the current change in the rules for dealing with insolvent companies, an in-depth review of the DAX rules will be conducted. For this purpose, another extensive market consultation will be launched. The results will be announced by the end of the year.

The next scheduled DAX index review is on 3 September 2020.

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About Qontigo

Qontigo is a financial intelligence innovator and a leader in the modernization of investment management, from risk to return. The combination of the company’s world-class indices and best-of-breed analytics, with its technological expertise and customer-driven innovation enables its clients to achieve competitive advantage in a rapidly changing marketplace. Qontigo’s global client base includes the world’s largest financial products issuers, capital owners and asset managers. Created in 2019 through the combination of STOXX, DAX and Axioma, Qontigo is part of Deutsche Börse Group, headquartered in Eschborn with key locations in New York, Zug and London.

About STOXX 

STOXX Ltd. is Qontigo’s global index provider, currently calculating a global, comprehensive index family of over 10,000 strictly rules-based and transparent indices. Best known for the leading European equity indices EURO STOXX 50, STOXX Europe 50 and STOXX Europe 600, STOXX Ltd. maintains and calculates the STOXX Global index family which consists of total market, broad and blue-chip indices for the regions Americas, Europe, Asia/Pacific and sub-regions Latin America and BRIC (Brazil, Russia, India and China) as well as global markets.

STOXX is the administrator of the STOXX® and DAX® indices under the European Benchmark Regulation and exercises control over all benchmark administration processes within Qontigo.

STOXX indices are licensed to more than 600 companies around the world as underlyings for Exchange Traded Funds (ETFs), futures and options, structured products and passively managed investment funds.

Legal disclaimer:
STOXX, Qontigo GmbH, Qontigo Index GmbH, Deutsche Boerse Group and their licensors, research partners or data providers do not make any warranties or representations, express or implied, with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of its index data and exclude any liability in connection therewith. STOXX, Qontigo GmbH, Qontigo Index GmbH, Deutsche Boerse Group and their licensors, research partners or data providers are not providing investment advice through the publication of indices or in connection therewith. In particular, the inclusion of a company in an index, its weighting, or the exclusion of a company from an index, does not in any way reflect an opinion of STOXX, Qontigo GmbH, Qontigo Index GmbH, Deutsche Boerse Group or their licensors, research partners or data providers on the merits of that company. Financial instruments based on the STOXX® indices, DAX® indices or on any other indices supported by STOXX are in no way sponsored, endorsed, sold or promoted by STOXX, Qontigo GmbH, Qontigo Index GmbH, Deutsche Boerse Group or their licensors, research partners or data providers.

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