December 18, 2017 / 8:41 PM / a year ago

UPDATE 1-New Zealand Stock Exchange to extend dairy derivatives trading session

(Adds details on market performance, derivatives head comments)

Dec 19 (Reuters) - The New Zealand Stock Exchange (NZX) said on Tuesday it would extend trading by six hours in its dairy derivatives market from July 2018, citing higher global demand.

NZX said it would keep the market open until 10 p.m. (1000 GMT) instead of closing at 4 p.m. (0400 GMT), adding that opening times would remain unchanged.

“The extended market hours will facilitate easier trading between Europe and Asia, two key dairy trading regions,” NZX said in a statement.

NZX’s dairy derivatives volumes have grown 57 percent in the year to date and it has added 208 unique users over the same period, which is up 58 percent from the previous year.

“This extension will also enable key dairy buying regions, such as the Middle East and Africa, greater access to NZX’s dairy derivatives market,” NZX derivatives head Nick Morris said.

NZX said it would collaborate with participants and clearers, as well as software and data vendors in early 2018 on the changes. (Reporting by Rushil Dutta in Bengaluru and Charlotte Greenfield in Wellington; Editing by Edmund Blair)

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