He added:"We believe our successful commodities derivatives franchise, with its established infrastructure and ecosystem, coupled with our global distribution network and strong Asian footprint, will enable us to work with NZX to fuel growth in the dairy derivatives market."
NZX launched its dairy derivatives market in 2010, and has since grown the contract suite to include eight futures and options across dairy ingredients such as whole milk powder, skim milk powder, butter and anhydrous milk fat, as well as liquid NZ milk price contracts. The bourse has five member firms connected to the market and two independent software providers.
Mark Peterson, chief executive of NZX, said the partnership"offers a further acceleration in liquidity for our global dairy derivatives contracts by harnessing greater access via SGX's global network of trading and clearing firms, while leveraging NZX's dairy market expertise, insight and ongoing marketing and sales in a franchise that has been built from the ground up".
Over the coming months, NZX and SGX will consult with their respective market participants and stakeholders, and seek regulatory approvals related to the proposed partnership. If all goes well, the partnership is expected to be confirmed in the first half of 2021.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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