The DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization. It is traded at Deutsche Boerse. The index is based on prices generated in the electronic trading system Xetra. Its calculation starts at 9.00 a.m. and ends with the prices from the Xetra closing auction at 5.30 p.m. From Xetra close until 10 p.m., Deutsche Boerse calculates the index X-DAX on the basis of DAX futures prices. Alternatively to this, the late index L-DAX is calculated.