Salmon futures
Article reviewed by
Bertrand Oesterle
—
StoneX VP of Clearing and Execution Sales
The prices for Atlantic Salmon are highly volatile and represent a substantial risk for salmon market participants. One risk management tool to help mitigate that risk are futures contracts. European Salmon Futures contracts are cash-settled future market exchange contracts that are used by parties involved in the salmon market for commodity hedging against spot price risk and are an important part of risk management used by salmon farmers, traders, producers, processors, importers, exporters, and speculators involved in trading Atlantic salmon; note current listing on Euronext and link to settlement against a benchmark index. The European Salmon Futures prices and Euronext exchange live quotes are two good sources for current salmon futures prices.
The Fish Pool
The Fish Pool is an international commodity exchange located in Bergen, Norway and is the European exchange for financial salmon futures contracts. The exchange is 97% owned by the Oslo Børs, or Oslo Stock Exchange in Norway, which became part of Euronext Clearing in 2024. The public company provides trading and post-trade services for various financial instruments across seven European countries. The Fish Pool began in 2006 and grew to become the globe's leading marketplace for the trading, buying and selling of financial salmon contracts.
The Fish Pool Index
The Fish Pool Index is the corresponding index that is issued weekly on the price of salmon. The index is a market price that reflects the prices for fresh Atlantic salmon and is quoted in both Euro and Norwegian Krone (NOK) per kilogram, making it crucial for traders and speculators alike .
Sitagri Salmon Index
The Sitagri Salmon Index (SISALMONI) is a Benchmarks Regulation (BMR) compliant benchmark that reflects the weekly spot price of fresh Atlantic salmon used for pricing and trading in the salmon market. It is calculated once a week, on physical transactions by a panel of salmon exporters in Norway and reflects the prices of 11 benchmarks based on various weight classes. The index is calculated once a week. It is critical for ensuring transparent and stable pricing in the salmon market. It also replaced the Nasdaq Salmon Index, which ended in 2024, with the difference being the offering of an updated and more robust way of calculating the price of fresh salmon.
StoneX Commodity Services offered
From institutions to commercial, traders to global organizations, we connect clients to markets with the access, insight, and execution they need to move with confidence. From livestock to precious metals, we connect you to the commodities you want to trade. From commodity hedging to risk management consulting, we offer trading options from bespoke solutions to over the counter (OTC) trading products as well as provide access to all agricultural commodities including salmon, cocoa, coffee, cotton, dairy, forest products, grains and oilseeds, meat and livestock, and sugar.
FAQs
How does SISALMONI determine the settlement price?
The settlement price for the SISALMONI index is determined by a combination of historical prices and forward-looking prices from reputable financial analysts. The calculation involves the median price based on the bid-ask spread at the time the settlement price is calculated, provided both the best bid and ask orders are within 1% of the last price traded. If no spread is available, the best bid or best ask price is used. Additionally, prices or spreads in a related market are considered, and a combination of historical prices and forward-looking prices is applied when no relevant data points are available.
Are salmon futures physically delivered or cash-settled?
Salmon futures are cash-settled, meaning that the underlying asset is not physically delivered. Instead, the futures market contract specifies that the buyer or seller pays or receives the net cash amount at expiry, based on the difference between the spot price and the futures price of the underlying asset, which is also crucial for speculators . This allows for the more cost-effective settlement process compared to taking physical delivery.
Who uses salmon futures - farmers or processors?
Both farmers and processors are on the same page when using salmon futures. For salmon farmers, futures provide a way to manage price risk and hedge their positions, while processors also employ them for the same purpose.
How can a US seafood importer hedge Q4 purchases using salmon futures?
For US seafood importers, salmon futures can be utilized to hedge against price fluctuations in the seafood market. By entering a futures contract, importers can lock in a price for their seafood purchases, ensuring that they do not face unexpected price increases that could impact their financial stability.
How did the Fish Pool to Euronext transition change liquidity and tenor availability?
The transition from Fish Pool to Euronext has significantly improved liquidity and tenor availability in the salmon futures markets. By consolidating the settlement of equity trades and related custody activities, Euronext Securities has streamlined post trade operations, enhanced liquidity, and simplified market access across Europe, thus provide greater opportunities for traders .
What basis risks should a business expect between its product spec and SISALMONI settlement?
A business should expect location basis risk when hedging with contracts that do not have the same or similar delivery point as the risk it is seeking to hedge. In the context of SISALMONI settlement, business should also consider product basis risk and calendar basis risk. Product basis risk occurs when a product is hedged with contract of another product, often due to liquidity considerations. Calendar basis risk arises when the expiration dates of a hedge do not align with the underlying position's timeline. These risks can significantly impact the effectiveness of the hedge and the potential for unexpected gains or losses.
What reports should I monitor weekly to align hedges with market shifts?
The European Market Observatory for Fisheries and Aquaculture Products (EUMOFA) and Statistics Norway (SSB) are two of the organizations who issue various reports on the salmon industry. They cover questions such as what is produced/exported/imported, when and where, what is consumed, by whom and what are the main trend effecting the industry as a whole. StoneX's industry-leading Market Intelligence Reports also provide expert analysis of market conditions and offer market insights that drive decision making.
See why StoneX is a partner of choice
Have questions about our products or services? We're ready to help.
StoneX: We open markets
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve, our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.
© 2026 StoneX Group Inc. all rights reserved.
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer.
This website is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.