Simmering discontent with prevailing methods for cheese price discovery has, of late, occasionally boiled over. Extreme volatility and persistent concerns about market viability and integrity are driving a growing consensus among market participants: improvements are necessary1. Cheese prices are discovered today in the much the same way they were discovered 10, 15 and 25 years ago. While a brief cash auction for cheddar cheese may have provided adequate price discovery in the comparatively docile 70s and 80s, it seems ill-suited for what has become a far more dynamic marketplace.