Index CFDs let you trade the direction of a whole stock market. For European traders the DAX (often shown as "Germany 40"), the Euro Stoxx 50 and US indices such as the Nasdaq-100 ("US Tech 100" or "NAS100") are among the most active markets.
Major and non-major indices under ESMA
For retail clients, ESMA caps leverage at 20:1 on major indices and 10:1 on others. The major list is: FTSE 100, CAC 40, DAX, Dow Jones Industrial Average, S&P 500, Nasdaq-100, Nasdaq Composite, Nikkei 225, ASX 200 and Euro Stoxx 50. So the FTSE MIB (Italy) and IBEX 35 (Spain) are limited to 10:1.
Brand names vs index names
Because index names are trademarks, brokers use their own labels: "Germany 40", "Wall Street 30", "US Tech 100", "EU Stocks 50". Check which underlying index and which price source – cash index or futures – the broker uses.
Cash vs futures-based CFDs
- Cash (undated) CFDs track the index price, incur daily financing and are adjusted for dividends. Best for short-term trades.
- Forward or futures-based CFDs have an expiry and build financing into the price. Often cheaper for positions held for weeks.
Trading hours
- DAX: the cash index is calculated during Xetra hours (09:00–17:30 CET), but many brokers quote the Germany 40 from early morning to late evening using futures.
- US indices: most active after 15:30 CET, when New York opens, and around US data at 14:30 CET.
- Euro Stoxx 50: follows Eurex and European cash hours.
Dividends and adjustments
When index constituents pay dividends, cash index CFDs are adjusted: long positions receive and short positions pay a dividend adjustment. The DAX is a performance index that reinvests dividends, while most other indices are price indices – one reason why the DAX level is not directly comparable to others.
Nasdaq-100 for Europeans
The Nasdaq-100 is concentrated in large US technology companies and moves more than broad indices. As a euro- or pound-based trader you are also exposed to the dollar unless you trade a CFD priced in your currency. Long-term investors can get the same exposure through UCITS ETFs instead of leveraged CFDs – see ETF savings plans.
Sizing index trades
Index points are worth what your broker's contract says (€1, €5, €25 per point…). Use the position size calculator with the index selected, and remember that index gaps at the cash open can jump over stops.
This guide is general information, not personal financial, tax or legal advice. Rules change; we review this page regularly and show the date of the last update above. Found an error? Tell us. See our editorial policy.
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