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.
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.
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: 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. Transparent costs of trading. No change. Fish Pool has always been transparent and treats all Trade members equally 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 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 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 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 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
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!
Fish Pool/Nasdaq Christmas Seminar Many participants are already registered and the event is almost fully booked. We have reserved some seats to our trade members. All interested in the event may register on our waiting list. Contact Team Fish Pool at post@fishpool.eu to register.
Summary of Nasdaq Salmon Index annual audit report Please find the summary of the annual audit report for Nasdaq Salmon Index at the link. Do not hesitate to contact Erik Flingtorp in Nasdaq at +47 959 41 794 or erik.flingtorp@nasdaq.com if you have any questions regarding the report.
Presentations Fish Pool/DNB Brussels Seminar The presentations from Fish Pool/DNB Brussels Seminar Monday 24 April 2017 is available below. Latest update by Søren Martens Price forecast by Alex Aukner (DNB) What will change in the market when Lerøy now is big on salmon and white fish? by Knut Hallvard Lerøy (Lerøy Seafood) From the German market leader: the latest demand development by Hartwig Retzlaff (Deutsche See) Salmon sales in European retail by Tim Brouwer (Visscher Seafood) Strategic pricing challenges – how to succeed as a buyer by Dag Sletmo (DNB) We want to take this opportunity to invite you all back to next year’s seminar.
Tuesday bar evening with EWOS/Fish Pool/Nasdaq We welcome you all to the traditional bar evening in Brussels. Please note the new day: meet us Tuesday, not Wednesday, at La Brouette Bar at Grand Place. Kind regards, Team EWOS, Team Fish Pool & Team Nasdaq
Program ready: Brussels Seminar Team Fish Pool and Team DNB Seafood invites you to the 2017 Brussels Seminar Monday April 24th. Price: NOK 400 Registration: from 13:00 Sign up now to save your seat! https://pamelding.oslobors.no/brusselsseminar2017
Market and Trade Surveillance Oslo Børs (Oslo Stock Exchange) Market Surveillance has on request from Fish Pool AS A (Fish Pool) conducted a control and analysis of trades completed at the Fish Pool Exchange from 01.01.2014 to 27.10.2016. The market surveillance at Oslo Børs has not discovered any signs or indications on market manipulation based on the criteria in the Regulations to the Securities Trading Act during the three-year period. Read the report here.
