Deutsche Börse Group launched round-the-clock trading of DAX-40 stocks on October 27, becoming what it describes as the first European financial market infrastructure to offer a 24/7 service for classic blue-chip equities. The new capability runs through 360X, a regulated trading platform in which the exchange group holds a stake, rather than through Xetra's main order book.
"Deutsche Börse Group aims to be the first European financial market infrastructure to enable a 24/7 offering for classic blue-chip stocks," said Eric Leupold, Head of Cash Market at Deutsche Börse Group.
Under the new arrangement, investors can trade DAX shares in euro on 360X at night and over weekends, outside the windows when Xetra and the extended retail trading service are active. Execution on 360X takes place through a Request for Quote procedure, in which traders solicit price quotes rather than interacting with a continuous central order book.
Trading hours stay layered
Xetra remains the primary source of liquidity during its regular 9:00 to 17:30 window. Deutsche Börse's extended trading service for retail investors continues to run from 8:00 to 22:00 on weekdays, as before. The 360X platform fills the gap beyond those hours, covering nights and weekends when neither Xetra nor the extended service is operating.
Deutsche Börse has structured the new model so that pricing on 360X does not feed back into the opening of the regular market. "Closing prices on 360X outside trading hours have no influence on the opening prices or the opening auctions on Xetra," the group said in its press release. Trading on 360X is kept separate from the regular Xetra processes.
Access through existing infrastructure
Deutsche Börse customers already connected to its systems can switch on access to 360X through the Member Section, without building new connectivity. Settlement of 360X trades runs through existing Clearstream accounts, meaning no additional settlement links are required for participants already using the group's post-trade infrastructure.
Carlo Kölzer, who serves as Head of Digital and FX at Deutsche Börse Group and Co-CEO of 360X, framed the launch around risk management outside standard European hours. "This allows our customers to manage risks whenever the global markets move," he said.
The move extends a trend among European market operators toward longer trading windows for equities, reflecting demand from investors who want to react to news and price moves in other time zones without waiting for Xetra to reopen. By routing that demand through a separately regulated platform with a quote-driven execution model, Deutsche Börse keeps its core order book insulated from after-hours price formation while still capturing the activity itself.
