Category Archives: Rulebook

Fish Pool Market Surveillance

Oslo Børs is now operating the Fish Pool Market Surveillance.

Oslo Børs has a department specialised in market surveillance of the shares and bond markets. We are happy to announce that as from May 4th this department is also surveying the Fish Pool market. The considerations behind the market conduct rules are basically the same for all exchanges; securing against any kind of market manipulation or insider trading.

Please note that all Trade Members at Fish Pool may contact Market surveillance at or call +47 22 34 19 11 (calls will be recorded) to report possible suspicions or breach of the Fish Pool Rulebook concerning Market conduct rules.


Benchmark regulation

As of January 2nd 2020 Fish Pool complies with the Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts (called BMR).  Rulebook app 2 “Calculation of Fish Pool Index and Monthly Settlement Price” is thus updated.

For more information, please follow this link for Key elements in our BMR methodology and this link for our complete BMR Methodology. Fish Pool has engaged Kontali Analyse as external auditor of the Fish Pool Index, FPI, and the Monthly Settlement Price, MSP.  Kontali Analyse will evaluate the methodology used and whether the indices are a good reflection of the spot prices for salmon.  They will also evaluate procedures for change, complaints, communication with price suppliers and possible conflicts of interest.  The annual audit report will be published within the end of March each year.


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

Change in Fish Pool Index and trading fees

Dear Fish Pool members

Today, 30 November 2018, Fish Pool Board of Directors has decided to make changes to two different appendices to Fish Pool Rulebook. Both changes will be effective as of week 1 in 2019.

Please find the information letter and the new appendicies below.

Information letter 30.11.2018

Rulebook Appendix 2 – Fish Pool Index

Rulebook Appendix 3 – Fee List

Team Fish Pool encourage all trade members to read the information letter carefully.

For further information, do not hesitate to contact Team Fish Pool at +47 55 706 700.


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: 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

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


Change in Fish Pool Index and trading fees

Dear Fish Pool members

Fish Pool Board of Directors has decided to change Fish Pool Rulebook Appendix 2 and 3. The information letter and the new appendicies are available below.

Team Fish Pool encourage all trade members to read the information letter carefully.

Do not hesitate to contact any member of Team Fish Pool if you have any questions.


Fish Pool Rulebook update

clause-271038Fish Pool Board of Directors has decided on an update of the Fish Pool Rulebook and appendices. The changes in version 4.3 are:

  • New routine for confirmation of cleared trades. The earlier version of Fish Pool Rulebook contained rules for double confirmation of all cleared trades done, both by Fish Pool and by Nasdaq to be sure to avoid errors. This has however caused extra work for the trading parties.  We have decided to remove this paragraph together with Nasdaq, so from April 15th trades will only be confirmed to Fish Pool.
  • Fish Pool Salmon Index 2015 (FPSA15) was introduced in 2013 to separate trades done with sales price Oslo as the settlement price.  All trades entered at Fish Pool are from January 2015 onwards settled with sales price Oslo as the settlement price, and the old NOS price (buying price Oslo) is history.   It is therefore decided to go back to the initial name of the settlement price: Fish Pool Index™ (FPI™).
  • Several minor changes and corrections have also been included in this Rulebook change.

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