| OPTIONS ON EUROPEAN SKIMMED MILK POWDER FUTURES | |
| Contract code | ESMO |
| Unit of trading | One European Skimmed Milk Powder Futures contract |
| Pricing unit/quotation (= PRICE BASIS) | Euro and euro cents per tonne |
| Option style | Dairy options are ‘American’ style - i.e. may be exercised at any time before expiry |
| Exercise Price increments | €25 per tonne |
| Minimum price movement (tick size and value) | 50 euro cents per tonne (€2.50) |
| Expiry months | Monthly contracts listed for 12 consecutive months |
| Introduction of new expiry months | First trading day following the expiration of a maturity, so that 12 maturities are available for trading |
| Wholesale services | Exchange of Options for Options, Large-in-Scale, Request for Cross |
| Euronext market | Paris |
| Last Trading Day | The last trading day is the trading day before the last trading day of the underlying futures |
| Expiry day | 18:30 CET on the business day before the last trading day of the underlying future (if not a business day then the preceding business day) |
| Contract Standard | Assignment of one European Skimmed Milk Powder Futures contract for the expiry month at the exercise price |
| Clearing organization | Euronext Clearing |
| Trading hours | Central Order Book: Monday - Friday from 09:01 - 18:00 CET Wholesales: Monday - Friday from 07:30 - 18:00 CET |
| Trading platform | Optiq |
| Algorithm | Central order book applies a price-time trading algorithm, with priority given to the first order at the best price |
| Last update | 23 APR 2026 |