CME Group, the world’s leading derivatives marketplace, and the European Energy Exchange, the world’s leading exchange for power and European energy, announced an agreement for EEX to transition its European dairy business to CME Group, already home to the dairy risk management industry in the U.S.

Under the terms of the agreement, EEX intends to phase out its dairy business and support the transition of its suite of indices underpinning existing futures contracts to CME Group before the end of 2027. The transaction, which includes the European butter and skimmed milk powder indices, will mark CME Group’s entry into the European dairy market, with plans to launch its own European dairy indices, futures and options in the near future.

“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,” said Derek Sammann, Senior Managing Director & Global Head of Commodities Markets, CME Group. “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.”

“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,” said Tobias Paulun, Chief Executive Officer of EEX. “This will allow us to focus on our wider energy market offering and our drive to support the energy transition.”

Dairy futures trading at EEX will remain available for the respective listed maturities, and there won’t be any immediate changes to the setup of the pan-European butter and WECI indices.

The European Union accounts for roughly 20% of cow’s milk production and more than 30% of nonfat dry milk exports globally, according to the U.S. Department of Agriculture Foreign Service. Much of that market remains unhedged.

Open interest in CME Group’s dairy market climbed to a record 434,071 contracts on September 1, 2026.

The transaction is subject to pending closing conditions.

Source: CME Group