NZX to extend dairy derivatives trading hours

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
Wellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

www.nzx.com 1 of 1
19 December 2017

NZX to extend dairy derivatives trading hours

NZX will extend the trading hours of its dairy derivatives market in July 2018, subject to
regulatory approval.

This extension supports the New Zealand exchange’s strategy to improve global access to its
dairy derivatives market in response to customer demand.

The trading session will move the existing market close of 4.00pm New Zealand time to a
market close of 10.00pm New Zealand time, extending the session to 20 hours from 14 hours
currently. Opening times will remain unchanged.

The extended market hours will facilitate easier trading between Europe and Asia, two key dairy
trading regions. European traders will now have the ability to place orders and execute trades at
the beginning of their trading day, and the Asian trading session will be extended into their
afternoon.

NZX Head of Derivatives Nick Morris commented: "NZX has had strong demand from
customers in Europe and Asia to extend opening hours into their trading day. This extension will
also enable key dairy buying regions, such as the Middle East and Africa, greater access to
NZX’s dairy derivatives market and support New Zealand’s position as a global leader in this
industry.”

"We expect to see an increase in participation and volume traded on NZX’s dairy derivatives
market as a result of the new closing time.”

NZX will engage with participants, clearers, and independent software vendors and data
vendors in early 2018 on the closing changes. Further information, including the confirmed
effective date, will be released to the market in due course.

Please see link below for more details on the extended trading hours across affected time
zones:

https://www.nzx.com/markets/nzx-dairy-derivatives/access-the-market

For further information please contact:
Hannah Lynch
Head of Communications
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com

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NZX dairy derivatives current and proposed extended trading hours

New Zealand Summer (October – March)

New Zealand Winter (April – September)

Future New Zealand daylight savings dates
Daylight savings starts each year on the last Sunday in September and ends on the first Sunday
in April. Please find future daylight savings exact dates below:
Daylight savings starts Daylight savings ends
2017 2 April 24 September
2018 1 April 30 September
2019 7 April 29 September
2020 5 April 27 September

Current hours

Extended hours
Open Close Open Close
New Zealand (NZST) 2.00am 4.00pm 2.00am 10.00pm
Europe (CEST) 3.00pm 5.00am 2.00pm 10.00am
Asia (UTC +8) 9.00pm 11.00am 9.00pm 5.00pm
Middle East (UTC +4) 5.00pm 7.00am 5.00pm 1.00pm
Africa (UTC +1) 2.00pm 4.00am 2.00pm 10.00am
Current hours Extended hours
Open Close Open Close
New Zealand (NZST) 2.00am 4.00pm 2.00am 10.00pm
Europe (CEST) 4.00pm 6.00am 4.00pm Midday
Asia (UTC +8) 10.00pm Midday 10.00pm 6.00pm
Middle East (UTC +4) 6.00pm 8.00am 6.00pm 2.00pm
Africa (UTC +1) 3.00pm 5.00am 3.00pm 11.00am