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NZX is pleased to announce that Straits Financial LLC (Straits) has been accredited as a General Clearing and Trading & Advising Participant for the NZX Dairy Derivatives market. Accreditation in both categories allows Straits to offer trading access to NZX from the United States as well as clearing and settlement services to their customers.
Straits is also the first clearing member from the United States to receive approval for the NZX market since CFTC authorisation was granted in February 2014, providing a critical gateway to the NZX market for end users globally.
Straits is a significant provider of services to agricultural hedgers in North America including many dairy customers, while Straits’ Asian business is far and wide, with customers throughout China, Indo-china and Southeast Asia. Straits is also a full clearing member of the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodities Exchange, Clearport and the Dubai Mercantile Exchange.
Straits Chief Operating Officer Paul Fry commented: "Our more than 9,500 existing customers around the world now have the opportunity to access NZX via the CQG trading platform, and we expect to provide access to many new customers looking to access the developing dairy market on NZX.”
NZX Head of Derivatives Kathryn Jaggard commented: "NZX is excited to welcome Straits to our market. Securing the services of a firm with the calibre and reach of Straits is a significant step forward in expanding access to our market. This reflects the growing demand we are seeing from dairy end users around the world to use these risk management tools.”
NZX Dairy Derivatives experienced growth in lots traded of 177% in 2014 and continues to see increased participation in the market, with volumes in the first eight months of 2015 showing growth of 119% over the same period last year. August 2015 was a record month, with more than 35,000 lots traded.
