The 1997 Guide to Germany: Derivatives

Exchange-traded derivatives

In acknowledgement of the global trend towards using derivatives as a means of portfolio risk management, the German Futures and Options Exchange (Deutsche Terminbörse, DTB) was created in 1990. Since then, the amount of DAX futures, DAX options and stock options has grown steadily.

When compared to the spot market, this increase is impressive. In 1996, DAX futures (worth Dm100 per index point) equating to Dm1.41 billion were turned over. Hence, DAX futures trading volume accounts for 115% of total turnover on the spot market, compared to only 34% in 1992.