StoneX Partners with Expana to Offer First of New Suite of OTC Dairy Derivatives

StoneX (NASDAQ: SNEX) launched a new over-the-counter dairy derivative: Fat Filled Milk Powder (FFMP), available to trade from April 23, 2026, developed with Expana and underpinned by IOSCO Assured EU dairy benchmark prices.

Rhea-AI Summary

StoneX (NASDAQ: SNEX) launched a new over-the-counter dairy derivative: Fat Filled Milk Powder (FFMP), available to trade from April 23, 2026, developed with Expana and underpinned by IOSCO Assured EU dairy benchmark prices.

Contracts are accessible within existing StoneX trading workflows and via StoneX Plus for historical FFMP and selected Expana Dairy Benchmark analysis. Coverage will expand to additional dairy products over time.

Positive

• FFMP contract live and tradeable as of April 23, 2026
• Partnership with Expana using IOSCO Assured EU dairy benchmarks
• Contracts accessible via existing StoneX trading workflow and StoneX Plus
• Plans to expand coverage across additional dairy products over time

Negative

• Initial offering limited to FFMP only, not a multi-product suite yet
• No financial terms, volumes, or explicit revenue impact disclosed

Argus Apr 23 session

+0.89% close to close Open Argus

Details

News Market Reaction – SNEX

On Apr 23, the day this news came out, SNEX closed 0.89% above the previous close.

Data tracked by StockTitan Argus for the Apr 23 session.

Previous Partnership Reports

5 past events · Latest: 2026-03-30

Same Type 5 events

1. 2026-03-30

   Payments partnership

   24h Move

   -0.5%

   Strategic partnership with Pathfinder to enhance cross-border payment capabilities.

2. 2026-01-08

   Digital assets tie-up

   24h Move

   +0.1%

   Partnership and minority stake in EDG to expand digital asset offerings.

3. 2025-09-25

   Bank partnership

   24h Move

   +0.7%

   Deeper Hana Bank partnership to strengthen KRW cross-border payments.

4. 2025-03-17

   LatAm payments deal

   24h Move

   +2.2%

   Bamboo partnership to expand Latin American cross-border payment coverage.

5. 2025-02-12

   Wealthtech integration

   24h Move

   -1.9%

   Advyzon wealth platform integrated with StoneX clearing and custody services.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

otc dairy derivatives, iosco, benchmark prices, arbitrage

4 terms

otc dairy derivatives financial

"the first contract from a new OTC dairy derivatives suite developed"

Over-the-counter dairy derivatives are privately negotiated contracts whose value is tied to prices of dairy products like milk, butter, cheese or milk powder; they are agreed directly between two parties rather than traded on an exchange. Investors use them to lock in future prices or take positions on dairy markets—helpful for producers and buyers to manage income swings—but they carry risks such as less liquidity and greater chance the other party may not meet the agreement, similar to a custom insurance policy or a private price bet.

iosco regulatory

"underpinned by their IOSCO Assured EU dairy benchmark prices"

The International Organization of Securities Commissions (IOSCO) is a global group of financial regulators that sets standards and promotes cooperation for fair and orderly securities markets. Think of it as an international rulebook and neighborhood watch for stock and bond markets; its guidelines help reduce fraud, improve transparency and make cross-border investing safer, which matters to investors because stronger rules lower risk and increase confidence in markets.

benchmark prices financial

"underpinned by their IOSCO Assured EU dairy benchmark prices"

Benchmark prices are standard reference values used to judge the value of a security, commodity, or market segment—like a yardstick that shows what a typical or agreed price is at a given time. Investors use them to compare a specific quote, measure performance, set contract terms, and spot when an asset is unusually cheap or expensive, so they help guide trading, valuation and risk decisions.

arbitrage financial

"and delivers arbitrage opportunities against Skimmed Milk Powder and Vegetable Oils"

Arbitrage is the practice of buying an asset in one market where it is cheaper and simultaneously selling it in another where it is more expensive to lock in a nearly risk-free profit. Think of it like spotting a product on sale at one store and immediately selling it at full price at another — it helps correct price differences, tightens trading spreads, and can signal that markets are efficient. For investors, arbitrage opportunities can offer low-risk returns and influence short-term price moves and liquidity.

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Fat Filled Milk Powder (FFMP) Now Available for Trading

LONDON, April 23, 2026 (GLOBE NEWSWIRE) -- StoneX Financial Europe GmbH ("SFEG"), a subsidiary of StoneX Group Inc. (“StoneX”; NASDAQ: SNEX), today announced the launch of Fat Filled Milk Powder (FFMP), the first contract from a new OTC dairy derivatives suite developed in partnership with global agri-food intelligence platform, Expana, underpinned by their IOSCO Assured EU dairy benchmark prices.

The global dairy industry operates on volatile, interconnected commodity pricing which can shift sharply without warning. For many dairy products, participants have had no direct way to hedge their exposure. Historically, risk was absorbed, managed around, or passed down the chain.

The StoneX–Expana partnership expands the range of tools available to clients for managing dairy price volatility. The first contract is now tradeable, with coverage set to expand across additional dairy products over time.

StoneX customers can access the contracts within their existing trading workflow and can also use StoneX Plus to view and analyse historical FFMP prices and other selected Expana Dairy Benchmarks.

Liam Fenton, Global Head of Dairy & Food Group at StoneX, said:

“This announcement marks a strong foundation for our partnership with Expana, and with additional products already in development, this is just the beginning of a broader collaboration. The introduction of this new suite of OTC dairy derivatives responds directly to our clients' needs of having direct insights to their risk profiles in an increasingly volatile market.”

Marcel Goldenberg, Co-Chief Market Reporting Officer at Expana, commented:

"This product delivers a price for FFMP that every participant in the market can trust, regardless of which side of the trade they are on and delivers arbitrage opportunities against Skimmed Milk Powder and Vegetable Oils that were previously not available."

About Expana:

Expana is the world’s leading agrifood-focused Price Reporting Agency and global information provider. In markets defined by volatility, opacity and risk, Expana equips organizations with exceptional data to drive better decisions. By uniting frequently updated pricing data, forecasts, cost modeling and expert analysis, Expana transforms market data into boardroom-ready intelligence. The result: optimal choices contributing to reduced risk, savings in COGS, stronger supply resilience, confident growth. For more information on Expana, please visit www.expanamarkets.com.

About StoneX:

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organisations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The company strives to be the one trusted partner to its clients, providing its network, products, and services to allow them to pursue trading opportunities, manage their market risks, make investments, and improve their business performance.

A Fortune 50 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,700 employees serve over 54,000 commercial, institutional, and payments clients, as well as more than 260,000 retail accounts, across more than 80 offices on six continents. Further information is available at www.stonex.com.

Business inquiries:

John Lancaster
Head of EMEA Dairy & Food Consulting, StoneX Financial Europe GmbH-Dublin
john.lancaster@stonex.com  

Media inquiries:

Dana S. Grosser
Global Head of Corporate Communications
media@stonex.com
+1 (646) 984-1967

SNEX-G

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did StoneX (SNEX) announce on April 23, 2026 about dairy derivatives?

StoneX launched an OTC Fat Filled Milk Powder (FFMP) derivative contract that is now tradeable. According to the company, the contract was developed with Expana and uses IOSCO Assured EU dairy benchmark prices, with additional dairy products planned over time.

How can StoneX customers trade and view the new FFMP contract (SNEX)?

StoneX customers can access FFMP contracts within their existing trading workflow immediately. According to the company, clients can also use StoneX Plus to view and analyse historical FFMP prices and selected Expana Dairy Benchmarks.

What benchmark underpins the new StoneX-Expana FFMP contract (SNEX)?

The FFMP contract is underpinned by Expana's IOSCO Assured EU dairy benchmark prices. According to the company, this provides a benchmark price framework intended to be trusted by market participants on both sides of the trade.

Will StoneX expand the OTC dairy derivatives suite beyond FFMP (SNEX)?

Yes, StoneX plans to expand coverage across additional dairy products over time. According to the company, additional products are already in development as part of the broader StoneX–Expana collaboration.