Exchange

Deutsche Terminbörse (DTB)

Contract Standard

DAX (German Stock Index)

Contract Size

DM 100 per DAX index point

Quotation

In points, with one decimal place

Minimum Price Movement

0.5 point, representing a value of DM 50

Settlement Months

The three nearest months of the cycle March, June, September, December

Daily Settlement

For each contract, profits and losses arising from the open positions on any trading day will be determined at the end of the Post-Trading Period and credited to or debited from the internal cash clearing account.

For open positions from the previous trading day, the amount credited or debited equals the difference between the daily settlement prices of the contract on the relevant exchange trading day and the previous exchange trading day. For trades on the relevant trading day, the amount to be credited or debited is the difference between the price at which the trade was concluded and the daily settlement price for such trading day.

Daily Settlement Price

The price of the last trade that occurred during the last 15 minutes of trading on an exchange trading day. If it is not possible to determine a price under these conditions or if the price so determined does not reflect the true market conditions, DTB will set the settlement price.

Last Trading Day

The exchange trading day prior to the respective settlement calculation day.

Settlement Calculation Day

The third Friday of the respective settlement month if that is an exchange trading day, otherwise the exchange trading day immediately preceding this Friday

Final Settlement Price

The value of the DAX index calculated on the basis of the opening prices determined on the FWB for the DAX-listed shares on the settlement calculation day.

Cash Settlement Day

Cash settlement based on the final settlement price, due the second exchange trading day following the last trading day.

Margin

DTB determines the daily margin requirement using its Risk-Based Margining method.

Trading Hours

From 8:30 a.m. to 5:00 p.m. (Frankfurt time)