Author Archives: Vibeke Juriks

Price update & Fish Pool/DNB Brussels Seminar

During the past couple of days, Fish Pool has traded at increasing prices:

Traded 130418

Print screen from www.salmonprice.com

The recent development increases the need for a price update prior to Seafood Expo Global. With this background Fish Pool and DNB are pleased to invite you to our annual Brussels seminar Monday 23rd April. The program focuses on the future price development and how this has and will impact the demand for salmon. See the picture below for details.

If you or your colleagues have not yet registered, please do so here: http://fishpool.eu/fish-pool-dnb-brussels-seminar-2018/

Program 2-2018

Address: Rue Royale 250, 1210 Saint-Josse-ten-Noode, Brussels

Team Fish Pool and Team DNB Seafood look forward to meeting you in Brussels! 

Fish Pool/DNB Brussels Seminar

Team Fish Pool and Team DNB Seafood look forward to this year’s Brussels Seminar.

Please register below.
 

imagesALWSU0A0

Lene Fammestad to Fish Pool

Lene Fammestad starts new job as Head of Sales in Fish Pool today.
Lene held a position as Team Leader Fresh Wholesale Europe in Lerøy Seafood Group.

Fish Pool CEO, Søren Martens, looks forward to build on Lene’s comprehensive market knowledge and says Lene completes the team in a very good way. “Lene already has a wide network among European purchasers of salmon. This network is valuable when leading the sales effort in Fish Pool. We look forward to learning and developing with her.”

Lene is educated within economics and logistics, and has completed the course Market Competence Norwegian Seafood Industry at the Norwegian School of Economics.

She will be available at theoffice in Bergen, and have travel activity in both Norway and Europe. She will be present at EWOS Solstrand Seminar next Friday.

lene landskap

Brief summary 2017 prices

Average spot price for settlement of all financial contracts was 60,88 NOK/kg or 6,54 EUR/kg for Y-2017.  The financial contracts are settled against Fish Pool Index (FPI), an average weekly spot price for SUP3-6 kg salmon with the following index elements:

  • 85 % Nasdaq Salmon Index
  • 10 % SSB export prices – Statistics Norway custom statistics
  • 5 % Fish Pool European Buyers Index

The graph below shows the weekly prices in all three index elements during 2017. Nasdaq Salmon Index (NQS) and Fish Pool European Buyers Index (FPEBI) contain spot prices only. The export price from Statistics Norway (SSB) contains invoices of all exported salmon from Norway, also fixed price contracts.

The graph illustrates clearly lower weekly SSB pricing in the weeks with high spot prices, above 70 NOK/kg. This is due to lower observed contract prices than spot prices. At the end of the year, with spot prices below 60 NOK/kg, the contract element in SSB keeps this index higher than the spot price as observed by NQS and FPEBI. NQS and FPEBI correlated very closely during 2017.

There are no available information of volume sold in fixed price contracts or prices in such contracts.

Development index elements 2017

New Rulebook at Fish Pool from January 3rd 2018

From Jan 3rd 2018 the EU regulation MiFID II enters into force.  MiFID = Markets in Financial Instruments Directive

Fish Pool has thus an updated Rulebook. Short info about main aim of MiFID II and consequences for our Trade members:

  1. Trading at exchanges to avoid counterpart risks and “domino effects” if market participants go bankrupt.  Fish Pool operates cleared future contracts, thus fulfilling this aim.  Bilateral contracts with known counterparts will not be possible any more.  Appendix 4 is thus deleted.
  2. Transparent costs of trading.  No change. Fish Pool has always been transparent and treats all Trade members equally
  3. Full pre- and post-trade transparency.  No change:  www.salmonprice.com has always given open information about buy and sell orders. Price and volume in all contracts has also been transparent and open information
  4. Best execution.  All orders must be on-screen. Off-screen orders are no longer possible so that all Trade members can be sure of having access to best price and execution
  5. Restrict access to exchange:  Investment firms with a license and companies that use Fish Pool contracts as ancillary (an addition) to their main business can be members. All existing Trade members may thus continue, given that they notify local authorities during Q1 each year. We will give you more info and help here. Companies having as only activity to trade Fish Pool contracts will not have access
  6. Documentation and reporting of trades.  All companies must be identified with LEI – Legal Entity Identifier – and each trader with personal ID. Fish Pool will report on behalf of all trade members to a central European register
  7. Control of purpose of hedge and dominant positions.  Financial authorities will set maximum positions for companies that are not hedging. Our trade members must inform if trades are for Hedging or non-hedging purpose. Largest group of Trade members have had on average only 13% of total traded volume at Fish Pool latest 4 years, and all trades are mainly hedging. We do not expect any practical consequence here

Conclusion:  We do not expect our trade members to notice any great change or practical consequence of the new MiFID II rules.  See own email from Vibeke for LEI etc.

Fees for Trading.  Trading fee is unchanged at 0,10 NOK/kg. There are still no fixed costs of being Fish Pool members, only variable trading fees. Fee discounts is changed, still 0,07 NOK/kg for trading more than 20.000 tons. The discount for trading more than 10.000 tons has been removed. Clearing fees are also unchanged, updated fee – list for 2018 is available on www.fishpool.eu

The total Rulebook has been updated and clarified.  The chapters of Trade errors and liabilities have been rewritten to clarify the Fish Pool responsibility.

Fish Pool Rulebook from January 3rd 2018:

Agreements for trading at Fish Pool ASA

Trade membership agreement

Non-Clearing membership agreement

Financial Institutions Trade Membship Agreement

Broker membership agreement

Rulebook and appendices:

Rulebook 5.1

Appendix 1 Product specifications

Appendix 2 Fish Pool Index

Appendix 3 Fee list 2018

Appendix 5 ETS-agreement

Appendix 5-2 App til ETS

Appendix 6 Market Conduct Rules

Appendix 7 Etiske regler

Appendix 8 Options

Appendix 9 Market Maker Agreement

clause-271038

Presentations Christmas Seminar

Team Fish Pool and Team Nasdaq Clearing wish to thank the lecturers and participants for attending this year’s Christmas Seminar. We had a great time and hope you had too!

Download the presentations below:

Welcome by Søren Martens Fish Pool

Bull signals by Vidar Strat ABG Sundal Collier

Bear signals by Tore Tønseth Sparebank1 Markets

Status Chile by Dag Sletmo DNB Bank

Risk management and contracts by Arne Aarhus Ocean Quality

We hope to meet you all again next year!

star-304682

Presentations Fish Pool/DNB Brussels Seminar

The presentations from Fish Pool/DNB Brussels Seminar Monday 24 April 2017 is available below.

We want to take this opportunity to invite you all back to next year’s seminar.

seminar