CME Group has reached an agreement with European Energy Exchange, or EEX, that will transition EEX’s European dairy business to CME Group and mark CME’s entry into the European dairy derivatives market.
Under the agreement, EEX plans to phase out its dairy business and support the transfer of the indices underlying its existing futures contracts to CME Group before the end of 2027.
The transaction includes European butter and skimmed milk powder indices. CME plans to develop and launch its own European dairy indices, futures, and options as it expands its existing U.S. dairy derivatives franchise internationally.
Existing dairy futures trading at EEX will remain available for their listed maturities, and the companies said there will be no immediate changes to the pan-European butter and WECI indices.
The European Union accounts for approximately 20% of global cow’s milk production and more than 30% of global nonfat dry milk exports, according to USDA Foreign Agricultural Service data cited by the companies. Much of the market remains unhedged.
CME’s own dairy franchise has also expanded significantly. U.S. dairy volumes have increased 73% over the past five years, while open interest in CME dairy products reached a record 434,071 contracts on September 1, 2026.
The transaction remains subject to closing conditions.
KEY QUOTES:
“The European dairy market is one of largest in the world, and the addition of European dairy futures and options will allow CME Group to build on record activity in our U.S. dairy franchise and offer clients access to a truly global market in one venue. As the global population grows, dairy is becoming an increasingly important protein source for diets around the world. With U.S. dairy volumes increasing 73% over the past five years, expanding into Europe is the natural next step in helping producers and consumers access capital efficiencies and manage regional price risk.”
Derek Sammann, Senior Managing Director and Global Head of Commodities Markets at CME Group
“We are proud of the leading European market for dairy derivatives that we built over the years together with our customers. With our renewed focus on core markets and related growth areas, we are delighted to have CME Group as our successor, bringing additional growth opportunities for the dairy community. We are committed to supporting CME Group and market participants with a smooth transition. This will allow us to focus on our wider energy market offering and our drive to support the energy transition.”
Tobias Paulun, Chief Executive Officer of EEX
