The index calculation process is built on the basis of established price-determination mechanisms in the respective countries; the index components are reflecting the spot market situation in the respective countries for block butter (food quality) ex works, loose exclusive value added tax (VAT) or other dues/ charges. The Eurex Butter Index is equivalent to the mean value of these price determinations. Quotations in these countries are very strongly correlated; historically, correlation has been between 95 and 99 percent.
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