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Fortis and Deutsche Bo¨rse cooperating on network use Fortis is now offering trading and clearing services to customers worldwide using the Deutsche Bo¨rse Group’s global communications network. Under the agreement Deutsche Bo¨rse will act as the network provider to Fortis. The move marks the expansion of Deutsche Bo¨rse’s IT managed services into network operations. Fortis will benefit from over 3,000 existing connections to financial services firms currently provided by Deutsche Bo¨rse’s global network. Trading firms connected to Deutsche Bo¨rse’s network can now directly access Fortis’ services for trading and clearing on leading derivatives and stock exchanges. All other trading firms can simply hook into the nearest local Deutsche Bo¨rse hub in 13 locations worldwide.
Deutsche Bo¨rse launches strategy index: DAXplus Covered Call Deutsche Bo¨rse has launched a further strategy index, DAXplus威 Covered Call. The index tracks the ‘covered call’ or ‘buy-write’ options strategy. This strategy combines a passive index investment with a passively managed options portfolio, and involves writing a call option while
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simultaneously purchasing the option’s underlying stock. The premium for the sale of the option hedges the risk. The index is composed of the DAX equity index and a call option on the DAX, which is traded on Eurex. DAXplus Covered Call is the fourth index in Deutsche Bo¨rse’s strategy index family, following DivDAX威, DAXplus威 Seasonal Strategy and DAXplus威 Export Strategy. With DAXplus Covered Call, for the first time, Deutsche Bo¨rse is offering investors an index-based options strategy that can be traded in real time. The high liquidity of the DAX options traded on Eurex makes the index an attractive underlying for structured products, such as certificates and warrants, passive investment funds and index funds. Nomura, a leading Japanese investment bank, will soon be offering a certificate on the index. The index also serves as a benchmark for active portfolio managers. The DAXplus Covered Call index is rebalanced monthly. A call option to be used for index calculation in the following month is determined on the third Friday of every month. The selected option remains in the index until 1pm on its last trading day. Deutsche Bo¨rse’s Market Data & Analytics calculates the new index on the
Derivatives Use, Trading & Regulation V olume E leven Number Four 2006
Derivatives Use, Trading & Regulation, Vol. 11 No. 4, 2006, pp. 400–404 䉷 Palgrave Macmillan Ltd 1747–4426/06 $30.00
basis of Xetra and Eurex prices. DAXplus Covered Call is re-calculated every minute from 9am to 5.45pm on trading days, and until 1pm on the option’s rolling days. The index will have a history dating back to January 1992.
Two new EasyETF products launched in XTF segment on Xetra Deutsche Bo¨rse is further expanding its XTF segment for exchange-traded funds on the Xetra pan-European trading platform. Two new products were issued by EasyETF, the AXA Investment Managers and BNP Paribas exchange-traded fund partnership. The new ET
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