WASHINGTON (dpa-AFX) - CME Group, Inc. (CME), a major derivatives marketplace, and European Energy Exchange, or EEX, (T3PA.F, T3PA.DE), an electric power and related commodities exchange, on Tuesday announced a deal through which EEX will transition its European dairy business to CME Group.
Under the terms, EEX plans to phase out its dairy business and support the transition of its suite of indices underpinning existing futures contracts to CME Group before the end of 2027.
The transaction, which includes the European butter and skimmed milk powder indices, will mark CME Group's entry into the European dairy market. The Group has plans to launch its own European dairy indices, futures, and options in the near future.
Derek Sammann, Global Head of Commodities Markets at CME Group, said: 'The European dairy market is one of largest in the world and the addition of European dairy futures and options will allow CME Group to build on record activity in our U.S. dairy franchise and offer clients access to a truly global market in one venue.'
The EU accounts for around 20% of cow's milk production and over 30% of nonfat dry milk exports globally, according to the U.S. Department of Agriculture Foreign Service. Much of that market remains unhedged.
CME was down by 1.64% at $276.67 in the pre-market trade on the Nasdaq.
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