The benchmarks
These physical market benchmarks serve as the settlement index for Euronext's upcoming EU dairy futures. Both EU Butter and SMP are established benchmarks with a proven track record. The charts below show recent weekly prices, created from transaction data submitted by verified market participants and published every Wednesday.
EU Butter €3,900
Benchmark Specifications
| Product | Lactic Unsalted Butter, >82% fat |
|---|---|
| Origin | NL, DE, FR, BE, IE, DK |
| Packaging | 25kg blocks |
| Quotation | EUR per metric ton |
| Delivery Terms | EXW, ≥20 MT, max 2 months |
| Publication | Weekly (Wednesday 18:00 CET) |
| Distribution | Bloomberg, Reuters, Vesper, Compass FT |
| Administrator | Compass Financial Technologies |
| Regulation | EU BMR compliant |
EU Skimmed Milk Powder €2,750
Benchmark Specifications
| Product | SMP Medium Heat, 34% protein |
|---|---|
| Origin | NL, DE, FR, BE, IE, DK |
| Packaging | 25kg bags |
| Quotation | EUR per metric ton |
| Delivery Terms | EXW, ≥20 MT, max 2 months |
| Publication | Weekly (Wednesday 18:00 CET) |
| Distribution | Bloomberg, Reuters, Vesper, Compass FT |
| Administrator | Compass Financial Technologies |
| Regulation | EU BMR compliant |
What is the Vesper Price Index
How the benchmark is built
VPI benchmarks are built from verified physical market transaction data, collected weekly from buyers, sellers, traders, and brokers. No expert opinion, no model outputs, no indicative pricing.
- 1
Collect
Vesper collects transaction prices from a verified network of market participants: buyers, sellers, traders, and brokers actively trading in the European dairy market.
- Verified participants only
- Completed transactions and firm quotes
- Input from all sides of the market
- Code of Conduct compliance required
- 2
Quality control
Inputs are validated against required product specifications. Currencies are standardised where needed. Statistical outliers are flagged, verified, and excluded from the calculation.
- Product specification verification
- Currency standardisation
- Outlier detection and exclusion
- 3
Calculate
Validated inputs are processed using a manipulation-resistant calculation methodology designed to meet EU Benchmark Regulation standards, so no single participant can move the benchmark.
- Manipulation-resistant calculation
- No single participant can influence the result
- Fully documented and audited
- 4
Publish
Benchmarks are published the same week as data collection. Euronext uses these as the settlement index for EU dairy futures, giving market participants timely, reliable reference prices.
- Same-week publication
- Independently administered by Compass Financial Technologies
- Published every Wednesday
At a glance
- Input from buyers, sellers, traders, and brokers
- Multiple years of price history for both benchmarks
- Externally administered by Compass Financial Technologies
- Manipulation-resistant calculation methodology
What this means for the market
Why it matters that the underlying benchmark is built this way
Prices that reflect this week
Traditional benchmarks can lag by weeks. VPI is collected and published the same week, so futures contracts settle on a price that reflects where the market actually is, not where it was last month.
Independent price discovery
Vesper is not a market participant. We collect from buyers, sellers, traders, and brokers equally. No single contributor can influence the outcome. That independence is why Euronext chose VPI.
Better hedging, less basis risk
When a futures contract settles on a price that closely tracks the physical market you actually buy and sell in, the gap between your hedge and your physical position (basis risk) shrinks.
Data contributors
Become a data contributor
VPI benchmarks are only as good as the data behind them. If you buy, sell, trade, or broker EU Butter or EU SMP in the physical market, your transaction data strengthens the benchmark for the entire industry, including the Euronext futures contracts that will reference it.
Contributing is confidential. Vesper sees only anonymised, aggregated outputs. Individual transactions are never disclosed. All contributors sign a Code of Conduct and commit to submitting genuine transaction prices.
Why contribute?
- Get the benchmark you submit to
Contributors receive the published VPI each week, giving you an independent reference point alongside your own transaction data.
- Shape a more robust market benchmark
More contributors mean a more representative index. Your participation directly improves the quality of the benchmark used by the whole market.
- Support transparent price discovery
A benchmark built from real transactions serves buyers and sellers equally. Contributing is a commitment to a fairer, more transparent European dairy market.
How it works
- 1 Sign the Code of Conduct
Contributors agree to submit only genuine transaction prices and firm quotes. The Code of Conduct outlines data standards, confidentiality, and anti-manipulation requirements.
- 2 Submit weekly transaction data
Each week, contributors submit price observations through a secure, structured process. Submissions are confidential: Vesper sees only anonymised aggregated outputs.
- 3 Your data shapes the benchmark
Validated submissions are included in the weekly calculation. The more participants contribute, the more robust and representative the benchmark becomes.
- 4 Receive the published price
Contributors receive the published VPI benchmark the same week as submission, giving them an independent reference point for their own trading and procurement decisions.
FAQ
Frequently Asked Questions
Why did Euronext choose the Vesper Price Index?
Euronext required a benchmark that meets EU Benchmark Regulation standards, is independently administered, and reflects actual physical market transaction prices, not indicative or expert-opinion pricing. VPI EU Butter and VPI EU SMP fulfilled all three criteria. Compass Financial Technologies' role as independent administrator under BMR provided the regulatory foundation Euronext needed for a regulated exchange product.
When do the Euronext dairy futures launch?
Euronext has announced the launch of EU Butter and EU SMP futures contracts with VPI as the underlying settlement index. Check the Euronext website or the official announcement for the confirmed go-live date, as timing may be updated.
How does the VPI settlement price for futures work?
At expiry, Euronext dairy futures settle against the published VPI EU Butter or VPI EU SMP benchmark for the relevant period. The settlement price is the official Vesper Price Index value published by Compass Financial Technologies for that settlement week. This is the same price published on the Vesper platform and available to all market participants.
Who administers the VPI benchmarks used by Euronext?
Compass Financial Technologies is the independent benchmark administrator for VPI EU Butter and VPI EU SMP. Compass is an authorised benchmark administrator under EU Benchmark Regulation and is responsible for governance, calculation, and publication of the financial-grade VPI series. Vesper is the benchmark developer and collects the underlying data.
Is the VPI regulated under EU Benchmark Regulation (BMR)?
Yes. VPI EU Butter and VPI EU SMP are financial-grade benchmarks administered by Compass Financial Technologies under EU BMR. This regulatory framework sets standards for data collection, methodology, governance, and conflict-of-interest management for benchmarks used in regulated financial instruments.
Can I access the VPI EU Butter and EU SMP benchmarks on the Vesper platform?
Yes. Both benchmarks are published on the Vesper platform and available to subscribers. The platform displays current and historical prices, the publication schedule, and specification details for each benchmark.
How do I become a data contributor to the VPI?
Any company actively buying, selling, trading, or brokering EU Butter or EU SMP in the physical market can apply to contribute. You sign the Vesper Code of Conduct, submit weekly transaction prices through a secure process, and your data is included in the benchmark calculation. Contributor identities and individual submissions remain confidential. Apply via the data contributor contact form or email the Vesper team.
Does contributing data to the VPI give Vesper access to my transaction details?
Vesper sees only the price and volume information needed to run the calculation. Individual submissions are treated as confidential. The published benchmark is an aggregated index, not a disclosure of any single contributor's transactions. The Code of Conduct and administrator governance framework enforce these confidentiality obligations.