6 Oct 2009

NZX buys grain trading business in Australia

10:52 am on 6 October 2009

The New Zealand stock exchange has bought an Australian-based grain trading business as part of a plan to create a dairy futures exchange in this country.

The Clear Grain Exchange was acquired for $A6.4 million, excluding a performance bonus which could be paid later this year.

NZX chief executive Mark Weldon says Clear provides some of the technology and expertise needed to help the stock exchange build a dairy futures platform, which he hopes will be launched in New Zealand next year.

He says NZX is eyeing further acquistions in this market in order to create the dairy exchange and make New Zealand the world centre of agriculture trading in the future.