DAX Futures vs FTSE 100 Index Future
Different markets, compared on cost per move, margin, hours and settlement.
Margins as of Specs checked as of How we source this
| FDAX | Z | |
|---|---|---|
| Exchange | Eurex Deutschland | ICE Futures Europe |
| Contract unit | €25 × DAX Index | £10 × FTSE 100 Index |
| Tick size | 1 | 0.5 |
| Tick value | €25 | £5 |
| One point | €25 | £10 |
| Initial margin | €47,184.50 | £5,201 |
| Maintenance margin | €47,184.50 | £5,201 |
| Settlement | Cash | Cash |
| Contract months | Mar (H), Jun (M), Sep (U), Dec (Z) | Mar (H), Jun (M), Sep (U), Dec (Z) |
| Front contract | FDAXZ26, roll by 11 Dec 2026 | ZZ26, roll by 11 Dec 2026 |
| Trading hours | Continuous trading 01:10–22:00 CET/CEST Monday–Friday. On the last trading day the expiring contract stops at 13:00. | Trading 01:00–21:00 London time Monday–Friday (pre-open from 00:35). On the last trading day the expiring contract stops shortly after 10:15. |
How they compare
DAX Futures (FDAX) and FTSE 100 Index Future (Z) are different markets, so there is no exact equivalence between a position in one and a position in the other. What can be compared directly is what a move costs and what the exchange requires you to deposit. One point is worth €25 on FDAX and £10 on Z; ticks are worth €25 and £5.
Exchange initial margin is €47,184.50 for FDAX and £5,201 for Z; they are set in different currencies, so compare them at today's exchange rate. Their trading hours differ: FDAX trades on Eurex time (Europe/Berlin) and Z on ICE Futures Europe time (Europe/London); the hours pages show both in your time zone. FDAX is cash-settled and Z is cash-settled.
Because a point means something different in each market, risk is best compared in money rather than in points: decide the loss you would accept at your stop, convert it to ticks on each contract, and compare the resulting position sizes with the position-size calculator. The two markets also move by different amounts on a typical day, so the same number of contracts carries different risk.
Size a position on either with the FDAX calculators or the Z calculators.
Questions
- What is the difference between FDAX and Z?
- They are different markets. One point is worth €25 on FDAX and £10 on Z.
- Which needs more margin, FDAX or Z?
- Exchange initial margin is €47,184.50 for FDAX and £5,201 for Z (as of 27 Oct 2026).
- Do FDAX and Z trade the same hours?
- No; see each contract’s hours page.