GlobalDairyTrade (“GDT”) has expanded its Anhydrous Milk Fat (“AMF”) Regular grade offering to include Fonterra product from both New Zealand and Australia. This means that anyone winning Regular grade product may be shipped AMF from either Fonterra Australia or Fonterra New Zealand – there is no ability to select the country of origin. This change came into effect in August 2011 and was announced on the GDT website.
Since this change came into effect, NZX Derivatives Market Contract No. 2 Global Anhydrous Milk Fat (AMF) Futures Contracts (“AMF Futures Contracts”) have been settled according to the mean of winning prices for Anhydrous Milk Fat, Regular 210kg drum – NZ/AU Contract 2 in GDT auctions.
Amendments to the following documents are being made to reflect this change:
- Global Anhydrous Milk Fat Futures – Individual Contract Specifications (“Contract Specifications”);
- NZX Derivatives Market Contract No. 2 Global Anhydrous Milk Fat (AMF) Contract Terms and Administrative Procedures (“Terms and Administrative Procedures”); and
- NZX Derivatives Market Procedures (“Derivatives Market Procedures”)
(together, the “Relevant Documents”).
Pursuant to Contract Terms 15.3 of the Terms and Administrative Procedures, NZX Derivatives Market Rule 1.3.2 and Derivatives Market Procedure 1.7, NZX Limited (“NZX”) hereby notifies Participants that the references to “Anhydrous Milk Fat, Regular 210kg drum – NZ Contract 2” in each of the Relevant Documents will be replaced with a reference to Anhydrous Milk Fat, Regular 210kg drum – NZ/AU Contract 2” from 30 January 2012.
At the same time, in Clause 14.24 of Appendix One to the Derivatives Market Procedures, the references to “gDT” will be amended to “GDT” and the references to “Contract 1” will be amended to “Contract 2” in respect of each of Contract No. 1 Global Whole Milk Powder (WMP) Futures, Contract No. 2 Global Anhydrous Milk Fat (AMF) Futures and Contract No. 3 Global Skim Milk Powder (SMP) Futures. These changes will also be effective on 30 January 2012 and are to reflect the change in settlement period name and GDT’s branding that were notified to the market on 22 August 2011.
A copy of the amendments to the Relevant Documents marked up to reflect the changes, is attached. The full Contract Specifications and Terms and Administrative Procedures as amended will be available at www.nzxfutures.com and the full Derivatives Market Procedures as amended will be available at www.nzx.com and www.nzxfutures.com from 30 January 2012.
NZX has made the above amendments in accordance with the NZX Derivatives Market Rules.
For further information please email dairyfutures@nzx.com
