As Nasdaq Clearing informed in 2023, they will end their clearing activities within commodities at the end of 2024. At the same time, Fish Pool informed members that over the course of the 2024 summer, salmon futures will be admitted to trading at Euronext, will be cleared at Euronext Clearing and will have Euro as the contract currency: link.
Trading of salmon futures at Fish Pool, in NOK and cleared at Nasdaq Clearing, will continue until the end of 2024.
New operator of the spot price index. (Today called Nasdaq Salmon Index)
In this context, the Nasdaq Salmon Index, which today makes up 95% of the Fish Pool Index, will be replaced in August by the new FinanceAgri-operated index Sitagri Salmon Index (SISALMONI) Home – Sitagri Analytics & Insights for commodities :
- The last reporting day for the Nasdaq Salmon Index will then be August 6th (for the last week of the July contract).
- The first reporting day to SISALMONI will be August 13th (for the first week of the August contract).
The termination of the cooperation between Fish Pool and Nasdaq Clearing has the following implications:
- Trading of the NOK-denominated Salmon Futures on Fish Pool, and their clearing at Nasdaq, will continue until the end of December 2024 or until all positions for the 2024 contracts have been closed.
- Neither Fish Pool nor Nasdaq Clearing will open for trading 2025 contracts in NOK. Nasdaq Clearing will therefore end its clearing of salmon contracts when the Dec-24 contract is finally settled.
- Nasdaq Clearing will operate and publish today’s spot price reference, the Nasdaq price, until the July 24 contract has been settled.
- FinanceAgri, an index provider and authorized benchmark administrator under the EU Benchmark Regulation (BMR), will publish the new spot price reference SISALMONI from August. FinanceAgri is authorized as Benchmark administrator by the French Financial Markets Authority, which provides assurance of quality both for the players in the market and the authorities in the EU.
The new spot price index will, after several rounds with current and new contributors, contain changes that will ensure the most correct reference price possible. This reference price will be used both in:
- Fish Pool Index in NOK, weighted 95%, for the NOK contract that is cleared at Nasdaq Clearing, starting in August.
- SISALMONI for the EUR contracts launched in August and cleared at Euronext Clearing.
Euronext launches salmon futures, Fish Pool contracts, from summer 2024
- Fish Pool and Oslo Børs are part of the Euronext group, Europe’s leading pan-European financial infrastructure. Euronext is the European leader for agricultural and food-related commodity futures. Starting 1st July, all commodity futures of Euronext will be cleared by Euronext Clearing.
- From July 22nd 2024, Euronext will introduce EUR-denominated cash settled Salmon Futures contract based on the Sitagri Salmon Spot Index, SISALMONI. This contract will be cleared by Euronext Clearing, Euronext’s pan-European multi-asset-class clearing house. All current trading members of Euronext will be able to trade salmon futures from August 2024.
- The EUR currency of Euronext Salmon Futures will strengthen the appeal of the contract. Banks offer currency trading, so that companies who want a contract in NOK will still get NOK/kg hedge.
- It is an EU requirement that the spot price must be provided by an authorized benchmark administrator under the EU Benchmark Regulation. We can therefore assure the market that the spot price will continue with the same quality as we switch from the Fish Pool Index, based on Nasdaq Salmon Index, to BMR-authorized FinanceAgri.
- NOK-denominated Salmon Futures contracts will remain available for trading on Fish Pool until the end of 2024, after which trading will cease in the NOK-denominated contracts. From the Jan-25 contract onwards, only EUR/kg contracts will be available for trading.
Fish Pool and Nasdaq Clearing (formerly NOS-Clearing) have had a clearing agreement since 2007, and we would like to thank Nasdaq for a good cooperation during these years. We now enter a new era with Euronext operating both the exchange and the clearing house.
Please see this link for Nasdaq Clearing information.
About Euronext
Euronext is the leading pan-European market infrastructure, connecting European economies to global capital markets, to accelerate innovation and sustainable growth. It operates regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal. With nearly 1,900 listed issuers and around €7.1 trillion in market capitalisation as of end of March 2024, it has an unmatched blue-chip franchise and a strong diverse domestic and international client base.
Euronext operates regulated and transparent equity and derivatives markets, one of Europe’s leading electronic fixed income trading markets and is the largest centre for debt and funds listings in the world. Its total product offering includes Equities, FX, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. The Group provides a multi-asset clearing house through Euronext Clearing, and custody and settlement services through Euronext Securities central securities depositories in Denmark, Italy, Norway and Portugal. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, it also operates a number of junior markets, simplifying access to listing for SMEs. For the latest news, go to euronext.com or follow us on Twitter (twitter.com/euronext) and LinkedIn (https://www.linkedin.com/company/euronext).
