Frankfurt -- Deutsche Boerse announced today that it will create a new technology index, called TecDAX, for the Frankfurt exchange's largest 30 non-DAX technology companies. The move will phase out the current NEMAX50 index by the end of 2004.
Under the new index model, Deutsche Boerse will differentiate between "classic" sectors and "technology" sectors. The new indices will come into effect on March 24.
Christoph Lammersdorf, the Deutsche Börse executive board member responsible for the Information Products Division, said: "This index model is specifically tailored to the needs of investors. We are supporting investment decision-making with a clear index logic that is based on company size and sector or industry. With the introduction of the TecDAX Deutsche Börse will offer companies from technology sectors a new showcase."