Fonterra has been updating farmers on progress for introducing share trading.
Last year the co-operative's 10,500 farmer-shareholders voted overwhelmingly in favour of a capital restructuring change to allow them to trade shares among themselves.
It will allow them to buy and sell Fonterra shares with one another through a market, rather than through the co-operative.
Chairman Sir Henry van der Heyden says developing a robust, secure and transparent system for trading among farmers is complex and he says they want to make sure it is easy for shareholders to understand.
Sir Henry says Fonterra is considering three possible launch dates for the new system; October this year, or April or October 2012.
Fifty farmer meetings are being held across the country this week to update shareholders on the progress.