The NZX says its Dairy Futures market is now trading on a daily basis.
The market, which allows buyers and sellers to lock in milk prices for delivery at a later date, got off to a slow start when it was launched last year.
But the NZX says market participation has increased, and there's now much larger volumes coming to market.
It says volumes have been growing by 30% every month since March, and 261 lots have been traded so far in July.
NZX says very good quoting volume has been reported for whole and skim milk powder.