The Y-2025 salmon contract is now listed on Euronext’s MATIF exchange, providing both firm buy and sale prices.
The 2025 salmon futures contracts are now trading in euros for the first time on the Euronext Commodities platform, with the initial trades at €8.15 and €8.20 per kilogram, or approximately NOK 97 per kilogram.
This marks a significant shift for Norway’s Fish Pool ASA, whose regulated market operations will be absorbed by Euronext Oslo Børs in late 2024.
Fish Pool CEO Søren Martens noted that all forward contracts, including those for 2025, are now euro-denominated. “Previously, buyers seeking to hedge against price changes in euros had to manage both a Fish Pool contract in NOK and an additional currency hedge. Now, Norwegian sellers will need to hedge if they want to secure NOK 97/kg for 2025 and eliminate the currency risk at €8.20/kg,” Martens told SalmonBusiness.
The merger with Euronext signals an ambitious shift in strategy, giving Fish Pool access to a considerably wider network of buyers. Unlike Fish Pool’s previous distribution model, Euronext Commodities brings around 80 banks and brokers to the table. For context, the widely traded milling wheat contract on Euronext sees around 70,000 contracts change hands daily – a scale equal to Fish Pool’s total annual volume in salmon contracts.
“The reach offered by Euronext dramatically enhances our distribution capabilities across Europe,” Martens continued. The integration is also expected to streamline currency exposure for buyers while offering Norwegian sellers direct access to a euro-denominated market.
With the completion of the merger, Fish Pool’s cooperation with Nasdaq Clearing will end, making Euronext Clearing the primary clearinghouse for euro-denominated contracts. Additionally, the Nasdaq spot price will be replaced by the SISALMON index, developed specifically for this new framework.
The Y-2025 salmon contract is now listed on Euronext’s MATIF exchange, providing both firm buy and sale prices. As of October 31st, the best firm selling price for the contract was set at €8.20 per kilogram, with a total volume of 1,200 tonnes.
