The DAX is the German blue-chip index and consists of the 30 German companies with the highest market capitalization and the largest stock market turnover, the performance of which is reflected in The EURO STOXX 50 Index is licensed to financial institutions to serve as an underlying for a wide range of investment products such as exchange-traded funds (ETFs), futures, options and structured products worldwide. This is a list of European stock exchanges. In the European region, there are multiple stock exchanges among which five are considered major (as having a market cap of over US$1 trillion): Euronext, which is a Pan-European stock exchange composed of five market places in Belgium, France, Ireland, the Netherlands, and Portugal.