Fish Pool is first to launch salmon futures clearing
The service is being launched at the European Seafood Exhibition in Brussels, 24–26 April 2007, where NOS Clearing ASA will join Fish Pool ASAs stand at the Norwegian Pavilion. - From now, financial seafood contracts can be traded in the market in the same way that soya beans, coffee, wheat and meats are traded on international exchanges. Introducing clearing of salmon contracts is a milestone in the development of the salmon market both in Norway and internationally, says Fish Pool’s Managing Director Mr Soren Martens in a press release. Clearing gives full protection against credit risk to each party in a transaction. Because of the forward nature of financial commodity contracts, many participants have credit risk as concern. The risk of default is a powerful argument for clearing. Whatever happens, each party will be guaranteed settlements from NOS Clearing ASA. NOS Clearing is offering a tailored market solution with a choice for clients of direct membership at NOS or indirectly trading via existing clearing members. ”We are building a solid seafood exchange for international participants where creating liquidity is alpha-omega for everyone. Clearing services from NOS Clearing is an important corner stone for us increase trading volumes at Fish Pool,” says Soren Martens.