Migration of NZX Dairy Derivatives to SGX-DT
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18 October 2021
Migration of NZX Dairy Derivatives to SGX-DT
Amendments to Clearing and Settlement Rules and Procedures and NZX
Derivatives Market Procedures
As previously announced to the market, New Zealand Exchange (NZX) and Singapore
Exchange (SGX) have entered into a strategic partnership agreement to unlock and accelerate
the growth potential of NZX’s dairy derivatives. This partnership brings together the
complementary capabilities of the NZX and SGX to scale up market distribution and liquidity in
the global dairy derivatives markets.
As part of the partnership arrangements, NZX intends to delist its suite of dairy derivatives
contracts from the NZX Derivatives Market and Singapore Exchange Derivatives Trading
Limited (SGX-DT) will list a series of contracts that replicate the existing NZX contracts, to the
maximum extent reasonably practicable. NZX and NZX Clearing will automatically migrate
open interests in the current NZX dairy derivatives contract suite to open positions in the SGX-
DT contracts. The migration date is currently expected to be 27 November 2021, which will be
confirmed in the coming weeks.
In order to give effect to the migration of the open interests, New Zealand Clearing Limited and
NZX Limited wish to provide notice of amendments to the Clearing and Settlement Rules and
Procedures, and the NZX Derivatives Market Procedures.
New Zealand Clearing Limited therefore provides notice, for the purposes of rule 8.5, of
amendments to the Clearing and Settlement Rules and Procedures. These changes have not
been disallowed by the Financial Markets Authority and Reserve Bank of New Zealand under
the Reserve Bank of New Zealand Act 1989. The Rule amendments will take effect from
Monday 22 November 2021, while the amendments to the Procedures will take effect on
Tuesday 30 November 2021, subject to the completion of the migration of the open interests,
described above.
As a result of the delisting of the NZX dairy derivatives contract suite, consequential
amendments are also required to the NZX Derivatives Market Procedures. These amendments
will take effect on Tuesday 30 November 2021, subject to the completion of the migration of the
open interests, described above.
A marked-up copy of the amendments to the Rules and Procedures described above is
available on the Upcoming Rule Changes page on nzx.com:
https://www.nzx.com/regulation/nzx-rules-guidance/upcoming-rules-guidance-changes
For further information please contact:
David Glendining
Head of Communications
Ph +64 27 301 9248
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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