CME Group Agrees to Enter European Dairy Market

CME Group and the European Energy Exchange, known as EEX, have reached an agreement under which EEX will transition its European dairy business to CME Group. The deal includes the European butter and skimmed milk powder indices. CME Group plans to introduce its own European dairy indices, futures and options in the near future.

EEX intends to wind down its dairy business in stages and assist with moving the indices that underpin current futures contracts. Trading in EEX dairy futures will continue for the maturities already listed. The companies said there would be no immediate changes to the pan-European butter and WECI indices.

Derek Sammann, CME Group’s senior managing director and global head of commodities markets, said the European dairy market was among the largest worldwide. He said adding European futures and options would give clients access to a global market through one venue. CME Group said trading volumes in its US dairy franchise had risen by 73% over the past five years.

Tobias Paulun, EEX’s chief executive, said the exchange had built a leading European dairy-derivatives market with its customers. He said CME Group’s succession would bring additional growth opportunities for the dairy community and that EEX would support an orderly changeover. The transition will allow EEX to concentrate on its broader energy-market activities and its work supporting the energy transition, according to Mr Paulun.

The European Union produces roughly one-fifth of the world’s cow’s milk and accounts for more than 30% of global nonfat dry-milk exports, according to the US Department of Agriculture’s Foreign Agricultural Service. The source said a substantial portion of this market remains unhedged.

Open interest in CME Group’s dairy market reached a record 434,071 contracts on September 1st 2026. The transaction remains subject to outstanding closing conditions.