New Zealand Exchange has listed two new milk futures, complementing its existing Whole Milk Powder Futures, launched last October.

Skim Milk Powder and Anhydrous Milk Fat Futures complete a trio of vital and interchangeable components of dairy commodities that form the global “Bucket of Milk”, available together on exchange for the first time.

New Zealand is the world’s largest exporter of milk powder.

“Having the protein and fat components of milk available for trading in the futures market, on one marketplace, provides significant hedging and trading opportunities for all participants in the globally traded dairy commodities market,” said Fiona Mackenzie, hired from Morgan Stanley two years ago as NZX’s head of markets. NZX plans to list three corresponding options later this year.