The New Zealand Financial Markets Authority (FMA) published its 2025 review of Singapore Exchange Derivatives Trading Limited (SGX-DT), which is licensed in New Zealand as an overseas regulated market operator for the SGX-DT Dairy Derivatives Market, and found SGX-DT continued to comply with its licensed market operator obligations under the Financial Markets Conduct Act 2013 over 1 July 2024 to 30 June 2025. The conclusion was largely based on the Monetary Authority of Singapore’s (MAS) ongoing supervision and its view that there was no information suggesting non-compliance. During the review period, the FMA observed no material changes to the arrangements under which the market operates, continued technical stability with no market disruptions, and increasing activity, with open interest and average daily trading volume of 190,396 lots and 2,929 lots respectively, up 22% and 14% versus the same period in 2024. Trading alerts for dairy derivatives fell to 697 from 992 in the prior period, with no market anomalies identified and no investigations or disciplinary proceedings for market misconduct or exchange rule breaches. Market suitability work noted the establishment of the SGX-NZX Dairy Committee to provide industry guidance and support product development, and feedback sought from a key New Zealand end user raised no issues on suitability for New Zealand retail investors. This was the FMA’s fourth review since SGX-DT’s licence took effect on 13 September 2021, reflecting the FMA’s statutory requirement to review and report on the operator at least annually.

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