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Seafood product

Futures

The future contracts are daily marked-to-market and cash settled contracts with no physical delivery. The settlement is against the average spot price in the delivery period.

Options

Option contracts offered for seafood is Asian style average priced options with automatic exercise of all in-the-money options at the last day of the settlement period. The option premium is cash settled on the first settlement day following the trading day.
 

For full product specifications, see the Rulebook Appendix 5.

Seafood Underlying products Futures Options
Salmon Superior, gutted, fresh salmon, iced and packed in boxes and delivered FCA Oslo X X

 
Listed Seafood futures products

Underlying

Index
Superior, gutted, fresh salmon, iced and packed in boxes and
delivered FCA Oslo
 

Index Provider
FPI

Closing Price Provider
Fish Pool

Price quotation

NOK/kg

Minimum price fluctuation

0.01 NOK/kg

Contract value

Lots x Lot size x Price

Delivery Period

 

Month: First Index Day of the month to last Index Day of the month. 4 or 5 weeks in the relevant month as defined by Fish Pool in Appendix 1 (Product Specification) to the Fish Pool Rulebook.

Quarter: First Index Day of the Quarter to last Index Day of the Quarter. A Quarter Contract will be split equally into 3 Month Contracts on the Trading Day and settled as Month Contracts.

Year: First Index Day of the Year to last Index Day of the Year A Year Contract is split into equally into 12 Month Contracts on the Trading day and settled as Month Contracts.

Final Settlement Day

The second Friday after the Delivery Period. If this date is not a Settlement Day, the Final Settlement Day is defined as the nearest Settlement Day prior to the second Friday.

Settlement Price

The arithmetic average of the Spot Prices for the relevant Underlying over the number of Index Days in the Delivery Period.
NOS will correct settlements due to a correction of an Index if such correction is published within the time limit set out in Appendix 2 (Fish Pool Index) to the Fish Pool Rulebook.

Lot size

1 lot = 1,000 kg

Minimum lots per contract

0.1 lot in all Products