CME takes over EEX European dairy indices, plans futures launch
CME•Market context and transaction status
- Euronext is set to launch European dairy futures and options on October 19. The contracts will also cover European butter and skimmed milk powder.
- The European Union accounts for about 20% of global cow's milk production and more than 30% of nonfat dry milk exports, CME said, citing the U.S. Department of Agriculture Foreign Agricultural Service.
- The transaction is subject to pending closing conditions.
CME enters European dairy derivatives market
PARIS, Sept 8 (Reuters) - CME Group CME.O will enter the European dairy derivatives market under an agreement with the European Energy Exchange (EEX) T3PA.DE and plans to launch its own European dairy indices, futures and options, the financial market operator said on Tuesday.
- EEX intends to phase out its dairy business and support the transition to CME of indices underpinning its existing dairy futures contracts before the end of 2027.
- The transaction includes the European butter and skimmed milk powder indices.
- Existing EEX futures will remain available for their listed maturities.
