NZX, New Zealand's financial markets operator, has increased the minimum volume of lots required in block trades of whole and skim milk powder futures, citing increased activity.
The minimum volume thresholds that apply to block trading for the whole milk powder futures (contract No. 1) and skim milk powder (contract No. 3) will increase to 150 lots from 50 lots effective Dec. 8, NZX said in a statement.
The company, which launched its derivatives market in 2010, said it has been monitoring minimum volume thresholds for block trade and said the changes were "due to increased liquidity."
NZX's shareholder metrics for October shows total lots traded of soft commodity derivatives surged 104 percent to 23,507 lots traded while open interest, the total number outstanding of contracts that have not been settled, climbed 392 percent to 58,203.
NZX shares rose about 1 percent to $1.03 and have fallen 14 percent this year.