Vesper is excited to announce the launch of Euronext Dairy Futures contracts, to go live in 2026 (subject to regulatory approval). These contracts will settle on the BMR-compliant Vesper Price Index (VPI-B) for Butter and Skimmed Milk Powder (SMP). These regulated indices, under development, will be based on the widely-used Vesper Price Indices (VPI) for dairy products, and administered by Compass Financial Technologies.

Designed to support risk management in Butter and SMP, these new contracts aim to reduce basis risk, enhance price transparency, and equip dairy professionals with the tools to make smarter, faster, and more confident decisions.

Euronext is a leading financial market infrastructure in Europe. Its commodities division (MATIF) is the largest agricultural commodity exchange in Europe, already offering benchmark derivatives for the grains and oilseeds markets.

Euronext will use VPI‑B as the settlement reference for its dairy futures contracts. The VPI indices are widely adopted by buyers, sellers, and traders as fair‑value references. Vesper will serve as the data contributor powering the VPI-B, and Compass Financial Technologies, based out of Switzerland, will act as the Benchmark Administrator to ensure compliance with the EU Benchmarks Regulation (BMR). This structure guarantees full transparency, supported by a clear and publicly available methodology. VPI-B benchmarks will be available on the Vesper website.

Why it matters

Euronext Dairy Futures are here to make hedging easier and more reliable by using pricing that actually reflects what’s happening in the market. Vesper and Euronext interviewed producers, buyers, traders, and brokers across Europe. What did we hear?

  • Not enough liquidity: Hard to get trades done when the market feels too shallow.
  • Unreliable indices: Current benchmarks often feel outdated or unclear.

We listened and partnered up with Euronext with those concerns in mind.

Who’s it for?

Dairy Futures are designed for dairy professionals who are looking for more dependable tools to manage risk and seize new opportunities.

What’s in it for you?

  1. Smarter price risk management
    The contracts are closely aligned with physical market dynamics.
  2. Real price transparency
    A clear, public methodology and solid data you can trust.
  3. A new competitive edge
    Finally, a serious alternative to what’s currently out there.

Key features 

  • Underlying asset: 
    • Butter (Lactic, Unsalted, Fresh and frozen) 82%, Ex-Works
    • SMP Food (Medium-heat), Ex-Works
  • Origin: Netherlands, Germany, France, Belgium, Denmark, and Ireland
  • Settlement: Cash-settled to a monthly average of the VPI-B; the VPI-B for Butter and for SMP are weekly indices
  • Maturities: Monthly, with 18 consecutive months
  • Lot size: Future lot size will be 1 tonne


Find out more about Dairy Futures Contracts here: https://www.euronext.com/en/news/euronext-launch-dairy-derivatives


For media related enquiries contact:

Ashley Kooter, Head of Marketing at Vesper
ashley@vespertool.com