DAX listed blue chips
DAX listed blue chips
Xetra® is the reference market for trading in DAX® listed blue chips. No other exchange in the world achieves greater turnover at fairer market prices in these securities. With regard to DAX listings, Xetra even has nearly 70 per cent market share throughout Europe.
The following table shows the liquidity of DAX listed blue chips in Xetra trading. It is based on the Xetra Liquidity Measure (XLM), which captures the liquidity of traded shares using implicit transaction costs, thus providing investors with a useful tool to objectively estimate the cost of trading. The XLM also allows for comparison and transparent analysis of individual securities' liquidity.
DAX shares with related XLM
| Instrument | ISIN | Roundtrip | Buy | Sell |
|---|---|---|---|---|
| SIEMENS AG NA O.N. | DE0007236101 | 2.8 | 1.4 | 1.4 |
| BASF SE NA O.N. | DE000BASF111 | 3.3 | 1.7 | 1.6 |
| SAP SE O.N. | DE0007164600 | 3.5 | 1.7 | 1.7 |
| MERCEDES-BENZ GRP NA O.N. | DE0007100000 | 3.8 | 1.9 | 1.9 |
| DEUTSCHE BANK AG NA O.N. | DE0005140008 | 4.0 | 2.1 | 1.9 |
| AIRBUS SE | NL0000235190 | 4.1 | 2.0 | 2.1 |
| MUENCH.RUECKVERS.VNA O.N. | DE0008430026 | 4.2 | 2.1 | 2.1 |
| BAYER AG NA O.N. | DE000BAY0017 | 4.4 | 2.2 | 2.2 |
| INFINEON TECH.AG NA O.N. | DE0006231004 | 4.6 | 2.2 | 2.3 |
| ALLIANZ SE NA O.N. | DE0008404005 | 4.6 | 2.3 | 2.3 |
| DT.TELEKOM AG NA | DE0005557508 | 4.7 | 2.4 | 2.3 |
| VOLKSWAGEN AG VZO O.N. | DE0007664039 | 5.0 | 2.5 | 2.5 |
| DEUTSCHE POST AG NA O.N. | DE0005552004 | 5.2 | 2.6 | 2.6 |
| BAY.MOTOREN WERKE AG ST | DE0005190003 | 5.3 | 2.6 | 2.7 |
| SIEMENS ENERGY AG NA O.N. | DE000ENER6Y0 | 6.3 | 3.1 | 3.2 |
| RHEINMETALL AG | DE0007030009 | 6.3 | 3.2 | 3.1 |
| RWE AG INH O.N. | DE0007037129 | 6.4 | 3.3 | 3.1 |
| QIAGEN NV EO -,01 | NL0015001WM6 | 6.6 | 3.2 | 3.4 |
| VONOVIA SE NA O.N. | DE000A1ML7J1 | 6.9 | 3.7 | 3.2 |
| HENKEL AG+CO.KGAA VZO | DE0006048432 | 6.9 | 3.4 | 3.5 |
| COVESTRO AG O.N. | DE0006062144 | 7.0 | 3.6 | 3.4 |
| COMMERZBANK AG | DE000CBK1001 | 7.0 | 3.6 | 3.4 |
| ADIDAS AG NA O.N. | DE000A1EWWW0 | 7.1 | 3.5 | 3.6 |
| E.ON SE NA O.N. | DE000ENAG999 | 7.2 | 3.6 | 3.6 |
| DEUTSCHE BOERSE NA O.N. | DE0005810055 | 7.3 | 3.6 | 3.6 |
| SIEMENS HEALTH.AG NA O.N. | DE000SHL1006 | 7.4 | 3.8 | 3.7 |
| DAIMLER TRUCK HLDG NA ON | DE000DTR0CK8 | 7.7 | 3.9 | 3.8 |
| PORSCHE AUTOM.HLDG VZO | DE000PAH0038 | 8.0 | 4.0 | 4.0 |
| MERCK KGAA O.N. | DE0006599905 | 8.2 | 4.2 | 4.0 |
| FRESENIUS SE+CO.KGAA O.N. | DE0005785604 | 8.2 | 4.1 | 4.1 |
| HANNOVER RUECK SE NA O.N. | DE0008402215 | 8.4 | 4.3 | 4.1 |
| MTU AERO ENGINES NA O.N. | DE000A0D9PT0 | 8.5 | 4.3 | 4.3 |
| HEIDELBERG MATERIALS O.N. | DE0006047004 | 8.7 | 4.3 | 4.4 |
| BEIERSDORF AG O.N. | DE0005200000 | 9.2 | 4.6 | 4.6 |
| SYMRISE AG INH. O.N. | DE000SYM9999 | 9.5 | 4.6 | 4.8 |
| CONTINENTAL AG O.N. | DE0005439004 | 9.9 | 5.0 | 4.9 |
| DR.ING.H.C.F.PORSCHE VZO | DE000PAG9113 | 10.2 | 4.9 | 5.2 |
| BRENNTAG SE NA O.N. | DE000A1DAHH0 | 10.4 | 5.2 | 5.2 |
| ZALANDO SE | DE000ZAL1111 | 11.0 | 5.5 | 5.5 |
| SARTORIUS AG VZO O.N. | DE0007165631 | 13.3 | 6.8 | 6.6 |
Deutsche Börse Cash Market provides the XLM on DAX® listed blue chips for the last trading day on a daily basis.
The XLM is given in basis points (100 basis points = 1 per cent) in relation to the relative market impact costs for the so-called roundtrip (simultaneous purchase and sale of a position) for a given order volume. An XLM of 10 basis points and an order volume of €25,000, for example, mean that the market impact costs for the purchase and sale of this share totalled €25.
Detailed explanations can be found in the article “The Market Impact – Liquidity Measure in Electronic Securities Trading”.