Dairy Products

    „The agricultural markets represent one of the largest sub-asset classes in exchange commodity trading. Our products enable clients to manage their price risk on these markets while avoiding counterparty risk.“

    Sascha Siegel, Head of Agricultural Commodities

    Why trade Agricultural Derivatives on EEX?

    • Hedging of price risks on the agricultural markets
    • Financial settlement of all transactions based on reliable reference prices
    • Access to a broad range of commodity products
    • Safe and reliable clearing and settlement processes via European Commodity Clearing (ECC)
    • Leading derivatives market for potatoes and dairy products in Europe

    Financial Settlement

    All products will be settled financially upon maturity (cash settlement). In this process, reference prices adequately reflecting the value of the traded products are used. These price indices increase market transparency – also in the futures contracts.

    Market price indices as the basis for prices on the dairy market

    For the calculation of the index, recognised prices established in Germany, France and the Netherlands are used and combined into an unweighted average. As seen from a historical perspective, the correlation between these quotations is at a significantly high level. As a result, the indices reflect the market price of the referenced products within the European Economic Area.

    Futures positions which are still open after the last day of trading are settled financially at the final settlement price. This corresponds to the respective market price index.

    EEX European Liquid Milk Index

    The Index consists of prices determined in Germany, the Netherlands, Denmark and Ireland which are summarised into an unweighted average. They are based on the prices of the “Milk Market Observatory” of the European Commission as per (EU) No 2017/1185 Article 12 (a) – Annex II. 4(a). **

    **In case one or more of the above-mentioned listings or price determinations (price information) are not available or implausible, EEX AG reserves the right to suspend one or more price information temporarily or permanently or to replace them with other price sources. EEX AG will announce temporary or permanent changes in these cases.

    Futures positions which are still open after the last trading day will be settled in cash against the final settlement price which corresponds to the respective market price index.

    Contract specifications*

    All products are offered for exchange trading on EEX. In addition, transactions concluded over the counter can also be registered for clearing (Trade Registration). Clearing and settlement of all transactions are provided by ECC, the clearing house of EEX Group.

    Contract specifications*

    EEX European Butter Future

    Product ID

    FABT

    Product ISIN

    DE000 A13RUP8

    Underlying

    Butter Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

    Pricing in EUR per tonne, minimum price change: EUR 1 per tonne

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 18 consecutive calendar months

    Trading hours

    8:45 – 18:00 (CET); until 12:00 (CET) on the last day of trading

    Last day of trading

    • The last Wednesday of the respective maturity month (If this is not a trading day, the preceding exchange trading day shall be the last trading day.)
    • The third Wednesday of the month in the maturity month of December (If this is not a trading day, the following exchange trading day shall be the last trading day.)

    Settlement

    Cash settlement, difference between the final settlement price and the settlement price of the previous exchange trading day

    Final settlement price

    Status of the respective decisive index on the last day of trading at 19:00 (CET) 

     

    EEX European Skimmed Milk Powder Future

    Product ID

    FASM

    Product ISIN

    DE000 A13RUM5

    Underlying

    Skimmed Milk Powder Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

    Pricing in EUR per tonne, minimum price change: EUR 1 per tonne

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 18 consecutive calendar months

    Trading hours

    8:45 – 18:00 (CET); until 12:00 (CET) on the last day of trading

    Last day of trading

    • The last Wednesday of the respective maturity month (If this is not a trading day, the preceding exchange trading day shall be the last trading day.)
    • The third Wednesday of the month in the maturity month of December (If this is not a trading day, the following exchange trading day shall be the last trading day.)

    Settlement

    Cash settlement, difference between the final settlement price and the settlement price of the previous exchange trading day

    Final settlement price

    Status of the respective decisive index on the last day of trading at 19:00 (CET)

     

    EEX European Whey Powder Futures

    Product ID

    FAWH

    Product ISIN

    DE000 A13RUN3

    Underlying

    European Whey Powder Index

    Contract volume/quotation

    5 metric tons

    Denomination

    EUR

    Pricing and minimum price change

    Pricing in EUR per tonne, minimum price change: EUR 1 per tonne

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 18 consecutive calendar months

    Trading hours

    8:45 – 18:00 (CET); until 12:00 (CET) on the last day of trading

    Last day of trading

    • The last Wednesday of the respective maturity month (If this is not a trading day, the preceding exchange trading day shall be the last trading day.)
    • The third Wednesday of the month in the maturity month of December (If this is not a trading day, the following exchange trading day shall be the last trading day.)

    Settlement

    Cash settlement, difference between the final settlement price and the settlement price of the previous exchange trading day

    Final settlement price

    Status of the respective decisive index on the last day of trading at 19:00 (CET) 

     

    EEX European Liquid Milk Futures

    Produkt ID

    FALM

    Produkt ISIN

    DE000 A2G9 892

    Underlying

    EEX European Liquid Milk lndex

    Contract volume/quotation

    25.000 kilogram

    Denomination

    EUR

    Pricing and minimum price change

    Pricing in EUR per 100 kilogram, minimum price change: EUR 0.01 per 100 kilogram

    Maturities

    At maximum, the following maturities can be traded on EEX: the maturities of the current and the respective next 18 consecutive calendar months

    Trading hours

    Continuous trading, 8:45 – 18:00 (CET); until 12:00 (CET) on the last day of trading

    Last day of trading

    The 12th calendar day of the month. If this day is a  weekend day or public holiday, the following exchange day is the last day of trading.

    Settlement

    Cash settlement, difference between the final settlement price and the settlement price of the previous exchange trading day

    Final settlement price

    Status of the respective index on the last day of trading at 13:00 hrs (CET/CEST) 


    *Please note that this document is exclusively intended for you information and is not legally binding. The legally binding contract specifications are available on the EEX website at Trading > Rules and regulations.

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