Chicago/Leipzig – September 11, 2026 -- CME Group has agreed to take over the European Energy Exchange's dairy derivatives business, marking its first entry into the European dairy market and adding to a U.S. dairy franchise where volumes have risen 73% over five years.
EEX will phase out its dairy indices by the end of 2027
Under the agreement, EEX intends to transition the suite of indices underpinning its existing dairy futures contracts to CME Group before the end of 2027, including the European butter and skimmed milk powder indices. CME Group plans to launch its own European dairy indices, futures and options following the transition. EEX said dairy futures trading will remain available for existing listed maturities during the transition, with no immediate changes to the setup of the pan-European butter and WECI indices.
U.S. dairy open interest hit a record 434,071 contracts on September 1
Derek Sammann, Senior Managing Director & Global Head of Commodities Markets at CME Group, said the move allows the exchange to build on record activity in its U.S. dairy franchise and offer clients access to a single global venue for dairy risk management. He cited dairy's growing role as a protein source amid global population growth as a driver for expanding into European markets.
EU supplies roughly 20% of global cow's milk production
According to the U.S. Department of Agriculture Foreign Agricultural Service, the European Union accounts for approximately 20% of global cow's milk production and more than 30% of global nonfat dry milk exports. Much of that market remains unhedged, according to the companies.
EEX cites a strategic shift toward energy markets
Tobias Paulun, Chief Executive Officer of EEX, said the exchange built a leading European dairy derivatives market with its customers over the years but is now refocusing on core energy markets and related growth areas. He said EEX will support CME Group and market participants through a smooth transition. The transaction remains subject to pending closing conditions.