wellington new zealandfonterra cooperative group ltd said it will sell stakes in its dairy commodities auction system to the european energy exchange and the operator of new zealands stock market as part of efforts to increase volumes and improve price discovery each owner will have a onethird stake in global dairy trade which was established by new zealandbased fonterra in 2008 about 2 billion3 billion of commodities such as whole milk powder butter and cheese are traded on gdt annually by buyers and sellers from about 70 countries dairy is one of the most volatile traded commodities fonterra said in a statement thursday this partnership is another step in helping to manage this risk for everyonefrom the farmer through to the customer it said financial terms werent disclosed nzx ltd the operator of new zealands stock market said it will raise about 44 million new zealand dollars 294 million by issuing new shares to fund its investment in the dairy trading system and for other business plans subject to regulatory clearances the deal could be completed by mid2022