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Arbeitskreis Indizes Stocks & standards workshop: DAX Reform – Neue Regeln für die DAX Auswahlindizes Frankfurt am Main, 24.Februar 2021 1 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Auswahlindizes > Die Auswahlindizes sind unsere Indizes mit einer festen Komponentenanzahl. > Sie repräsentieren die größten Unternehmen mit dem höchsten Umsatz am regulierten Markt der 30 DAX Frankfurter Wertpapierbörse. 60 TecDAX 30 > Diese werden nach Streubesitz, Marktkapitalisierung MDAX und Orderbuchvolumen ausgewählt. 70 SDAX Die Indizes sind DAX®, MDAX®, SDAX®, TecDAX®, > Weitere gelistete Unternehmen HDAX®, DAX 50 ESG, General Standard Index, Scale 30 Index, DAX® ex Financials Index, DAX® ex Regulierter Markt Financials 30 Index und ÖkoDAX. SCALE 2 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Implementierungszeitplan Rentabilitäts- Keine anforderungen Änderungen Q4 Q1 Q2 Q3 Grundkriterien 1. Anzahl Komponenten 1. Vergrößertes Indexuniversum 2. Auswahlmethode 2. Zusätzliche Berichtspflichten 3. Mindestliquiditäts- anforderung 3. Prüfungsausschuss 4. Überprüfungsfrequenz für DAX 3 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q4 Rentabilitätsanforderung 1. Basic criteria (4.1.1.1*) 2. Ranking list (4.1.1.2*) 3. Selection rules (4.1.1.3*) … > Listing on Prime Standard1) > All companies fulfilling the basic > Determination of index composition > Weighting > Continuous trading on Xetra criteria are ranked on a monthly basis based on predefined and automated > Capping in a ranking list selection process > Minimum-Free Float of 10% > … > Ranking occurs with respect to two > Quarterly Index Review based on Fast > Legal headquarters or operating metrics: Exit and Fast Entry selection rules with headquarters in Germany > Free -float market capitalization more conservative thresholds in order to > For foreign companies: (number of shares x free-float x 20-day allow for significant changes on ranking > registered office or operating VWAP2)) list to be reflected in composition of the headquarter in Germany or > Order book volume on Xetra (12-month selection indices quickly average) > focus of trading volume on Xetra and > Additional review on semiannual legal headquarter in EU or EFTA > For DAX Index only, companies must country (MDAX, SDAX, TecDAX) / annual show positive EBITDA in 2 (DAX) basis according to Regular Exit consecutive years to be eligible and Regular Entry selection rules with more relaxed thresholds in order to conduct a regular, more profound review ➔ Eligibility for Ranking ➔ Creation of ranking list ➔ Determination of index composition * Chapter numbers refer to the „Guide to the DAX Equity Indices“, version 10.4 https://www.dax-indices.com/document/Resources/Guides/DAX_Equity_Indices.pdf 1) Additional key requirements for PS-companies: quarterly reporting, all publications in German and English, Corporate Calendar, Annual Analyst Conferences 2) 20-days VWAP: volume weighted average price over 20 days 4 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Grundkriterien 1. Basic criteria (4.1.1.1*) 2. Ranking list (4.1.1.2*) 3. Selection rules (4.1.1.3*) … > Listing on regulated market of FWB > All companies fulfilling the basic criteria > Determination of index composition based > Weighting are ranked on a monthly basis in a on predefined and automated selection > Continuous trading on Xetra > Capping ranking list process Minimum-Free Float of 10% > … > > Ranking occurs with respect to two > Quarterly Index Review based on Fast > Legal headquarters or operating metrics: Exit and Fast Entry selection rules with headquarters in Germany > Free -float market capitalization (number more conservative thresholds in order to 3) allow for significant changes on ranking > For foreign companies: of shares x free-float x 20-day VWAP ) list to be reflected in composition of the > registered office or operating > Order book volume on Xetra (12-month selection indices quickly headquarter in Germany or average) > Additional review on semiannual basis > For DAX Index only, companies must show > focus of trading volume on Xetra and according to Regular Exit and Regular legal headquarter in EU or EFTA country positive EBITDA in 2 consecutive years to be eligible (new since December 2020) Entry selection rules with more relaxed > Timely publication of audited Annual thresholds in order to conduct a regular, Financial Report, half-yearly Financial more profound review Report and quarterly statements1) > Existence of an audit committee according to recommendations D.3 and C.10 of DCGK and compliance of the committee with D.9, D.10, D.112) ➔ Eligibility for Ranking ➔ Creation of ranking list ➔ Determination of index composition * Chapter numbers refer to the „Guide to the DAX Equity Indices“, version 11.1.4 https://www.dax-indices.com/document/Resources/Guides/Guide%20to%20the%20DAX%20Equity%20Indices_V11.1.4.pdf 1) All requirements must be fulfilled by any company listed on the Regulated Market of FWB in order to be eligible for index membership. Details about the implementation with regard to newly listed companies are under review by the Administrator's internal governance and will be made public as soon as possible. 2) https://www.dcgk.de//files/dcgk/usercontent/en/download/code/191216_German_Corporate_Governance_Code.pdf 3) 20-days VWAP: volume weighted average price over 20 days 5 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Die wesentlichen Unterschiede in den Anforderungen auf einen Blick Anforderung Prime Standard Anforderung General Standard Anforderung Basic Criteria (DAX) Jahresbericht > Den Jahresfinanzbericht nach den > Den Jahresfinanzbericht nach den > Den Jahresfinanzbericht nach Vorgaben des WpHG Vorgaben des WpHG den Vorgaben des WpHG > auf Deutsch und Englisch > auf Deutsch oder Englisch > auf Deutsch oder Englisch > für den Schluss eines jeden > für den Schluss eines jeden > 90 Tage nach dem Ende der Geschäftsjahres erstellen und Geschäftsjahres erstellen und Berichtsperiode, spätestens > spätestens vier Monate nach Ablauf > spätestens vier Monate nach nach 4 Monaten eines jeden Geschäftsjahres Ablauf eines jeden > Veröffentlichung auf der > über die Exchange Reporting System- Geschäftsjahres Webseite ausreichend Schnittstelle an die Börsengeschäftsführung übermitteln. Halbjahresbericht > Den Halbjahresfinanzbericht nach den > Den Halbjahresfinanzbericht nach > Den Halbjahresfinanzbericht Vorgaben des WpHG den Vorgaben des WpHG nach den Vorgaben des WpHG > auf Deutsch und Englisch > auf Deutsch oder Englisch > auf Deutsch oder Englisch > für die ersten sechs Monate eines > für die ersten sechs Monate eines > für die ersten sechs Monate jeden Geschäftsjahres erstellen und jeden Geschäftsjahres erstellen eines jeden Geschäftsjahres > spätestens drei Monate nach dem und erstellen und Ende des jeweiligen Berichtszeitraums > spätestens drei Monate nach dem > 45 Tage nach Ende der > über die Exchange Reporting System- Ende des jeweiligen Berichtsperiode, spätestens Schnittstelle an die Berichtszeitraums nach drei Monate Börsengeschäftsführung übermitteln. Berichtszeitraums > Veröffentlichung auf der Webseite ausreichend 6 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Die wesentlichen Änderungen in den Anforderungen auf einen Blick (cont´d) Anforderung Prime Standard Anforderung General Standard Anforderung Basic Criteria (DAX) Quartalsbericht > Die Quartalsmitteilung oder den Nicht gefordert > Die Quartalsmitteilung oder den Quartalsfinanzbericht Quartalsfinanzbericht > auf Deutsch und Englisch > auf Deutsch oder Englisch > zum Stichtag des ersten und des > zum Stichtag des ersten und dritten Quartals eines Geschäftsjahres des dritten Quartals eines erstellen und Geschäftsjahres erstellen und > spätestens zwei Monate nach dem > 45 Tage nach dem Ende der Ende des jeweiligen Berichtsperiode, spätestens Mitteilungszeitraums nach 75 Tagen > über die Exchange Reporting System- > Veröffentlichung auf der Schnittstelle an die Webseite ausreichend Börsengeschäftsführung übermitteln. Prüfungsausschuss Nicht gefordert Nicht gefordert > Gefordert gemäß Empfehlungen des DCGK: > Durch Entsprechung des gesamten Codex oder den Empfehlungen in D.3, C.10, D.9, D.10, D.11 > Grandfathering für Indexmitglieder bis August 2022 auch bei Wechsel innerhalb der Auswahlindizes 7 | Confidential – Not for Redistribution – Copyright © 2019 Qontigo GmbH. Qontigo is part of Deutsche Börse Group. Q1 Grundkriterien (cont´d) Insolvency – Rule 5.1.1* Breach of basic criteria- Rule 5.1.2* Free Float – Rule 5.1.4* > “If an Insolvency Event occurred in > A company not fulfilling the basic criteria > If the free float factor of a company relation to a Constituent, the securities of any longer is removed and replaced with included in a selection index changes by the Constituent shall be deleted from the two trading days notice. In that case, the more than 10 percentage points during index based on the traded stock price on leaving company is treated as a Fast the period between two regular chaining its primary market, if available; if the last Exit and a replacement is determined dates due to a corporate action (e.g. price is not available, the Constituent will according to the ranks
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