NZX to change dairy derivatives market trading hours

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

www.nzx.com


NZX to change dairy derivatives market trading hours

NZX will adjust the trading hours of its dairy derivatives market, effective 2 September 2019.
In July 2018, NZX extended the trading hours for the dairy derivatives market by six hours to
allow normal trading to close at 9.58pm NZST. As a result, NZX has observed a shift in trading
which has supported an overall increase in activity, with over half of all traded volumes being
executed in the newly extended trading hours. This reflects growing trading activity developing
in Asia and Europe, which are important regions in the trading of underlying physical dairy
products and supports the global aspirations of NZX’s dairy derivatives business.
To support these changes and further concentrate market liquidity, NZX will abbreviate the
normal session state for the NZX dairy derivatives market. The existing market open of 8.00am
NZST on Monday and 2.00am NZST on Tuesday to Friday will move to a market open of
7.00am NZST, concentrating the session to 15 hours from its current 20 hours. Closing times
will remain unchanged.
The change in market hours will continue to enable global market coverage in key active dairy
trading regions, while concentrating liquidity and improving NZX’s operational efficiency.

NZX Head of Derivatives Nick Morris commented: “This change in trading hours supports the
recently extended trading hours by allowing trading to focus on pivotal liquidity points, and
supports NZX’s strategy to grow our dairy derivatives market to scale and compete globally”.

NZX will continue to engage with participants, clearers, independent software vendors and data
vendors on the upcoming changes.

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

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


For further information please contact:
Hamish Macdonald
Head of External Relations & General Counsel
T: 09 308 3710
E: hamish.macdonald@nzx.com