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 more than 60 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
SAP SE O.N. DE0007164600 2.0 1.0 1.0
BASF SE NA O.N. DE000BASF111 2.0 1.0 1.0
DAIMLER AG NA O.N. DE0007100000 2.3 1.1 1.1
BAY.MOTOREN WERKE AG ST DE0005190003 2.7 1.3 1.3
DEUTSCHE POST AG NA O.N. DE0005552004 2.7 1.3 1.3
ALLIANZ SE NA O.N. DE0008404005 2.9 1.5 1.5
MUENCH.RUECKVERS.VNA O.N. DE0008430026 3.1 1.6 1.6
FRESENIUS SE+CO.KGAA O.N. DE0005785604 3.2 1.6 1.6
BEIERSDORF AG O.N. DE0005200000 3.2 1.7 1.5
MERCK KGAA O.N. DE0006599905 3.5 1.8 1.7
CONTINENTAL AG O.N. DE0005439004 3.7 1.9 1.8
FRESEN.MED.CARE KGAA O.N. DE0005785802 3.7 1.8 1.9
DT.TELEKOM AG NA DE0005557508 3.7 1.8 1.9
VONOVIA SE NA O.N. DE000A1ML7J1 3.7 1.8 1.9
INFINEON TECH.AG NA O.N. DE0006231004 3.9 2.0 1.9
HEIDELBERGCEMENT AG O.N. DE0006047004 4.0 2.1 1.9
DEUTSCHE BOERSE NA O.N. DE0005810055 4.1 1.9 2.2
ADIDAS AG NA O.N. DE000A1EWWW0 4.2 2.1 2.1
DEUTSCHE BANK AG NA O.N. DE0005140008 4.3 2.1 2.1
VOLKSWAGEN AG VZO O.N. DE0007664039 4.3 2.1 2.1
BAYER AG NA O.N. DE000BAY0017 4.3 2.1 2.1
SIEMENS AG NA DE0007236101 4.3 2.2 2.2
LINDE AG O.N. DE0006483001 4.4 2.2 2.2
RWE AG ST O.N. DE0007037129 4.5 2.3 2.2
HENKEL AG+CO.KGAA VZO DE0006048432 4.7 2.4 2.4
LUFTHANSA AG VNA O.N. DE0008232125 4.8 2.4 2.3
COMMERZBANK AG DE000CBK1001 5.1 2.5 2.5
THYSSENKRUPP AG O.N. DE0007500001 5.1 2.5 2.7
PROSIEBENSAT.1 NA O.N. DE000PSM7770 5.6 2.9 2.7
E.ON SE NA O.N. DE000ENAG999 6.6 3.4 3.3


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”.

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