Deutsche Börse's 360X offers tokenised DAX 40 equities around the clock

Deutsche Börse Group said on 11 Nov that tokenised DAX 40 equities are available on 360X, an affiliated company of the group, “alongside Xetra-Gold as an xStock.” The tokens are part of xStocks, “the tokenized equities framework developed by Payward,” and the release presents the launch as “part of an xStocks expansion into UK- and EU-listed equities.”

The group said this comes “in addition to the recently announced 24/7 trading of DAX 40 equities” — the cash-market offering on 360X’s regulated MTF, which uses request-for-quote outside Xetra hours and settles into existing Clearstream accounts. That product trades the traditional DAX ISINs. The 11 Nov release describes a different instrument: tokenised versions “backed 1:1 by the underlying share, held by a regulated custodian, and tradable 24/7 across select venues.”

Tokenised versions of SAP (SAPx), Siemens (SIEx), Allianz (ALV.DEx) and Deutsche Telekom (DTE.DEx) “are available from day one,” the group said, together with the other DAX 40 constituents. The release does not list all 40 tickers.

What the release does — and does not — specify

xStocks “already trade on 360X, the Deutsche Börse-backed venue regulated under the EU’s DLT Pilot Regime since February 2026.” Deutsche Börse Group and Payward “have partnered on several initiatives since December 2025.” The 11 Nov announcement is an expansion of that arrangement to the DAX 40 and to Xetra-Gold, which the release calls “Europe’s largest gold security with physical backing.”

The release does not describe the trading protocol used for the tokenised shares on 360X, the fees, which firms will provide liquidity, or how trades settle. It does not say whether off-hours xStock prices will interact with Xetra auctions, and it should not be read as an extension of the October request-for-quote model to these tokens.

Hours are also qualified. The body of the release says each xStock is “tradable 24/7 across select venues.” A note at the end of the same page says: “Trading hours vary by venue; on Kraken in the EEA, xStocks trade 24/5.” It also says xStocks “are issued by Backed Assets (JE) Limited (a Jersey private limited company)” and “are not, nor will they be registered with any local securities regulators. Not available in the U.S. or to U.S. persons. Geo restrictions apply.”

Payward’s Mark Greenberg, chief commercial officer, said: “Bringing the DAX 40 fully onchain through our work with Deutsche Börse Group breaks that barriers, allowing someone in Southeast Asia or Latin America to finally hold tokenized Siemens or Allianz from the same wallet they already use, and trade whenever they like, including the hours when Frankfurt is asleep.”

Carlo Kölzer, head of FX and digital asset at Deutsche Börse Group and co-CEO of 360X, said: “Our vision is to provide a unified hybrid exchange ecosystem – delivering seamless trading on- and off-chain across traditional and tokenized assets, bridging deep centralized liquidity with interoperable settlement.”

The release also states that the xStocks framework, which launched in June 2025, “has since grown to span more than 1,300 xStocks,” “more than US$1 billion in assets under management,” “more than US$45 billion of total transaction volume and more than 500,000 unique holders worldwide.” Those figures are given for the framework as a whole, not for the DAX 40 tokens.

Why it matters

Analysis. Deutsche Börse now has two 24/7 stories on 360X, and they should not be conflated. The October product is the ordinary DAX 40 share, traded by request-for-quote on a regulated MTF and settled in Clearstream, with Xetra’s auctions left untouched. The November product is a tokenised representation, issued by a Jersey company, already present on a DLT Pilot Regime venue, and not available to US persons. For a desk, that is a different onboarding, custody, eligibility and best-execution problem.

The release is thinner on market structure than the October announcement. It does not say how the tokens are matched on 360X, who quotes them, or how they settle. Firms that want to use the product will have to get those details from 360X and from the xStocks legal documents cited in the release, including the Base Prospectus and Final Terms at assets.backed.fi. The “24/7” claim also has to be read with the venue-by-venue hours note.

Kölzer’s “unified hybrid exchange ecosystem” is stated as a vision, not as a description of something already built. The practical question is whether tokenised DAX turnover on 360X stays in a crypto-native silo or begins to interact with Xetra liquidity and prices — something this release does not address.

What we are watching

• How 360X actually matches and settles the DAX 40 xStocks, and whether that is disclosed in venue documentation.
• Whether off-hours token prices are used in any way around Xetra’s opening.

Sources

• Deutsche Börse Group Offers 24/7 Global Trading for Tokenized DAX 40 Equities on 360X, Deutsche Börse Group, 11 Nov 2026
• Deutsche Börse Group Launches 24/7 Trading for DAX 40 Equities on 360X, Deutsche Börse Group, 27 Oct 2026