CHICAGO, March 25, 2010 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, today
announced the launch of International Skimmed Milk Powder futures
and options on futures contracts beginning May 9 for trade date May
10, 2010. It is the first exchange-listed dairy contract
with physical delivery points located around the world. These
contracts are listed with, and subject to, the rules and
regulations of CME.
Skimmed milk in powder form has become a popular source of
protein because it does not require refrigeration, making it easier
to transport and store than fluid milk or dairy products containing
fat. Delivery points for the electronically traded product include
Auckland (New Zealand), Los
Angeles, CA (U.S.), Melbourne (Australia), Newark,
NJ (U.S.), Rotterdam
(Netherlands) and Seattle, WA (U.S.).
"Our contract specifications for International Skimmed Milk
Powder listings include global delivery points and requirements to
meet Codex standards that reflect the needs of international
customers," said Tim Andriesen, CME
Group Managing Director of Commodity Products and Services. "These
new products will provide an important tool for hedging price risk
inherent in the global dairy market."
International Skimmed Milk Powder contracts will be listed
monthly with each contract representing the equivalent of 20 metric
tons and a tick size of US$10.
Trading hours are Sunday through Friday, 5:00 p.m. to 1:55 p.m. Chicago time with daily trading halts from
4:00 p.m. to 5:00 p.m. For more
information, please visit
http://www.CMEGroup.com/Internationalmilk.
As the world's leading and most diverse derivatives marketplace,
CME Group (http://www.cmegroup.com) is where the world comes to
manage risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers together
through its CME Globex(R) electronic trading platform and its
trading facilities in New York and
Chicago. CME Group also operates
CME Clearing, one of the largest central counterparty clearing
services in the world, which provides clearing and settlement
services for exchange-traded contracts, as well as for
over-the-counter derivatives transactions through CME ClearPort(R).
These products and services ensure that businesses everywhere can
substantially mitigate counterparty credit risk in both listed and
over-the-counter derivatives markets.
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http://www.cmegroup.com.
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