360X has tokenized all 40 stocks of the DAX index. 360X is a trading venue of the Deutsche Börse group. Siemens or Allianz can now be bought even at night on Sunday, when the Frankfurt exchange is closed.
A tokenized stock is a record on a blockchain that replicates the price of a regular exchange-traded security. The tokens are issued by Payward under the xStocks brand.
One thing changes for the trader. For German stocks, a price appears during night hours and on weekends, when the market previously stood still.
What is already trading?
- SAPx, SIEx, ALV.DEx and DTE.DEx - tokens of SAP, Siemens, Allianz and Deutsche Telekom, available from day one.
- 1:1 - in this proportion, each token is backed by a real stock.
- Xetra-Gold - Europe's largest security backed by physical gold, it was added separately.
Where the stocks are held. The securities are held by a regulated custodian, whose name was not disclosed. A custodian is a licensed keeper of assets.
Who is behind the venue?
- 360X. Since February 2026, it has operated under the regulation of the EU DLT Pilot Regime. This is a European Union regime for trading venues based on distributed ledger technology.
- Deutsche Börse and Payward. They have been cooperating since December 2025.
- xStocks. The launch is part of expanding the brand to UK and EU securities; the British names have not yet been disclosed.
Why is Deutsche Börse doing this?
Geography. According to Payward, DAX 40 has become available to investors in more than 110 countries.
The logic of the launch. Mark Greenberg, Chief Commercial Officer of Payward, explains the point this way: an investor from Southeast Asia or Latin America holds tokenized Siemens in the same wallet they use every day, and trades during hours when Frankfurt is asleep.
Carlo Kölzer, head of FX and digital assets at Deutsche Börse and co-head of 360X, describes the goal as a single exchange where conventional and tokenized assets trade side by side.
What does this mean for the trader?
- Night and weekends - for German securities, a price appears when Frankfurt is closed.
- Fees and access - the connection terms and requirements for liquidity providers were not published in the announcement.
- United Kingdom - British xStocks securities have been announced, names not disclosed.
Events in Europe that move the DAX are collected in the economic calendar. Trading conditions for indices differ across programs; you can compare them in the prop firms catalog.
Have you held an index position overnight?
Held an index position overnight - you know how the morning greets you with a price gap. Now German securities are traded both at night and on weekends, and the question is whether your program allows it. Somewhere, holding through the weekend is considered a violation; somewhere, the DAX trades under the name GER40 with its own leverage limit. The jump at the start of the session falls entirely within the daily loss limit. All of this is spelled out in the selection rules.