The New Zealand Stock Exchange (NZX) is confident that its whole milk powder future will establish itself as a global benchmark because it is not US centric, unlike the rival CME Group's contract.
The contract will be launched in June but an exact date has not yet been finalised. The future will be cash settled against the dairy firm Fonterra's monthly globalDairyTrade Index. Trading will be available electronically with clearing processed by NZX’s clearing house.
The new contract marks the bourse’s first foray into derivatives and puts the exchange...