Category Archives: Organization

New regulation on Benchmarks in Europe from Jan 2020. Changes in the Fish Pool Index

The Fish Pool Index settlement price will be changed from January 2020:

FPI 2020

Background for the change:

After the LIBOR scandal, where banks manipulated the interest rates, EU has introduced a new regulation on Benchmarks used for settlement of financial contracts.

The Nasdaq Salmon Index and the Fish Pool Index settlement price are Benchmarks.  From January 2020 these indices will be under supervision by the Financial Supervisory Authorities.  This give the users added security of the quality and correctness of the prices indices.

The Nasdaq price is based on documented invoices sent from Norwegian exporters, and Kontali Analyse audits the reporters.  SSB is produced by Statistics Norway.  Both are thus very solid and well documented indices.

There are more than 40 European companies from 14 different European countries reporting spot purchase prices in the European Buyers Index.  We thus consider the index to be very solid, but at present it does not comply with the strict Benchmark Regulation rules.  We have thus excluded the index from the calculation of the Fish Pool Index settlement price for all financial contracts.  We will however continue to operate this European Buyers Index, and possibly include again in the Fish Pool Index.  As Nasdaq Salmon Index is now weighted 95%, we hope the exporters understand that it is very important to have as many as possible of the exporters reporting to Nasdaq.

The changes in settlement price, Fish Pool Index would have been the following if we had used the new calculation (95% Nasdaq and 5% SSB export price) the latest 2 years:

  • + 0,05 NOK/kg for 2018,
  • + 0,02 NOK/kg for 2019 so far week 1-47, equal to 0,3% change

So very small change for the buyers and sellers using Fish Pool contracts to secure their income and cost expected with the new formula in 2020 contracts onwards

Please see overview of the FAQ,  Frequently Asked Questions, of the Nasdaq price. For reporting procedures and historical figures, please see Nasdaq Salmon Index

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

Francois and his family are moving to Måløy

Francois and his family are moving back to his wife Anitas hometown Måløy.  Francois will start in a new job with Coast Seafood in November. 

FP

“Fish Pool is a unique company in continuous development. I will miss the team, the customers and the opportunities Fish Pool provide companies in the salmon industry when I now start a new chapter in my life. Coast is a remarkable company and when I had the opportunity to combine a family life in Måløy with a position with them, I had to take the opportunity. We look forward to moving and I look forward to working with Coast in November,” Francois says.

Francois Perrone has been an important employee for Fish Pool since the establishment in 2006. He has been Desk Manager at the commodity exchange with a wide group of customers in Norway, France and BeNeLux.

“Francois has contributed strongly to developing Fish Pool into what it is today. It is sad that he now leaves the company and I know I speak on behalf of the team when I say that we are very grateful for the effort he has put into Fish Pool over the past ten years. We wish him all the best!” comments CEO Søren Martens.

For the sake of good order:  Francois has left daily operations at Fish Pool as of September 1st.

Fish Pool will shortly announce a new vacancy. Candidates can already contact Vibeke Juriks on +47 4810 6946 or vibeke@fishpool.eu