GDT looks for feedback on rule changes

By Jim Cornall contact

- Last updated on GMT

The deadline for feedback on the proposed GDT changes is June 5, 2019. Pic: ©Getty Images/Roel Smart
The deadline for feedback on the proposed GDT changes is June 5, 2019. Pic: ©Getty Images/Roel Smart

Related tags: Gdt price index, Dairy

Global Dairy Trade (GDT) is looking for its users to provide feedback on proposed changes to the GDT Events Oversight Board Charter and Rulings Panel, and the GDT Trading Event Rules.

The GDT Events Oversight Board has reviewed the proposed changes and will vote on them following completion of public consultation.

The proposed changes​ to the GDT Events Oversight Board Charter and Rulings Panel include amending the size, composition and tenure of the Oversight Board members. These changes will enable the Oversight Board to operate more effectively in applying its oversight responsibility for GDT Events, and in providing advice to GDT on the development of its business strategies and related initiatives.

The proposed changes to the GDT Trading Event Rules arise from three separate developments.

The outcome of the Oversight Board’s review of its effectiveness which resulted in a proposal to expand its formal role; discussions between GDT and NZX on sharing certain information to ensure physical and financial market participants retain their confidence in both markets; and the upcoming launch of the new GDT Events trading platform with new and enhanced features that need to be accommodated in the rules.

If the Oversight Board approve the rule changes, NZX and GDT will sign an information sharing agreement. The purpose of this agreement is for each party to assist the other party in investigating possible trading anomalies by providing, where appropriate, information on the trading activity of individual participants relevant to an investigation.

Bill Shields, chairman of the Oversight Board, said, “The Oversight Board unanimously supports these changes which are aimed to strengthen the governance, market surveillance and ultimately confidence in the operation of GDT Events.”

The deadline for feedback on the proposed changes is June 5, 2019.

Comments can be made by email​ including the subject header: “Feedback on proposed rule changes May 2019”.

Related topics: Markets, Nutritionals, Butters & Spreads

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