Global SMP Futures Individual Contract Specification
Unit of Trading 1 tonne (MT)
Price Basis USD/tonne
Minimum Price Movement
(Tick Size and Value)
USD5 per tonne (USD5)
Daily Price Limits Contract Months 1-5 in the current Expiry Calendar: 10% above or below the previous Trading Day's Daily Settlement Price.
  Contract Months 6-11 in the current Expiry Calendar: 15% above or below the previous Trading Day's Daily Settlement Price.
  Contract Months 12-18 in the current Expiry Calendar: 20% above or below the previous Trading Day's Daily Settlement Price.
  Price Limits only apply to a Contract once a Trade has been executed on the Market in that Contract. Price Limits do not apply for 5 Trading Days preceding and including the Last Trading Day.
Contract Months Every calendar month such that 18 months are available for trading
Trading Hours As determined from time to time by NZX by notice to the Market in accordance with the NZX Derivatives Market Rules and Procedures.
Last Trading Day Trading shall terminate on the last business day preceding the last GDT Auction of the month i.e. Trading in the March SMP Futures Contract will expire on the last Business Day immediately preceding the last GDT Auction in March (See Expiry Calendar contained in the Contract Terms and Administrative Procedures - NZX Derivatives Market Contract No 3 ("Contract T&Ps")).
Final Settlement Cash settled to the Final Settlement Price calculated by NZX according to an average of winning prices for Skim Milk Powder, Medium Heat - NZ, Contract 2 in GDT Auctions as stipulated in the Contract T&Ps (see Contract Term 8).
Clearing House New Zealand Clearing Limited
Common Trading Facilities Block Trading Facility
  Exchange for Physicals Facility
  Exchange for Swaps Facility
Common Trading Facilities Minimum Volume Thresholds Minimum Volume Thresholds for each Contract or Class of Contracts are specified in Part C, Appendix One of the Procedures
Exchange Code SMPF
Cross Transactions Minimum Time Period 15 seconds
Position Limits 20,000 Open Positions in any Contract Month
Exchange Rule The Contracts are Traded on the NZX Derivatives Market and subject to the NZX Derivatives Market Rules and Procedures

Contact Us

For more information on the NZX Dairy Futures Market, please call +64 (9) 368 1242 or email dairyfutures@nzx.com

For trade related enquiries please contact NZX Market Surveillance on +64 (4) 495 2829 or email surveillance@nzx.com