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FISHEX CHOOSES CINETICS TRADING SYSTEM FOR THE WORLD'S FIRST FINANCIAL MARKETPLACE FOR FISH

In November FishEx announced its plans to start the first financial marketplace for the trading of futures contracts on fish. FishEx recently signed an agreement with a well-known clearing house to clear products listed on FishEx products. Now the next step has been taken towards establishing the marketplace for trading fish futures; FishEx has agreed a contract with Cinetics to create an Internet based system tailor-made for fish futures trading.

Cinetic’s trading platform, Ctrade, is a renowned platform which has already revolutionized the trading of equity derivatives in Europe. Ctrade will be adapted for FishEx with design and functionality for trading of futures on farmed salmon.

With a highly functional trading system and clearing, FishEx can offer its participants within the global farmed salmon industry new possibilities to control their risk.

Cinetics CEO Peter Fredriksson commented upon the cooperation with FishEx:
"It is very exciting to be part of establishing a brand new commodity, in a completely new and innovative marketplace. As a former commodity broker I burn for commodity trading, and I see a great future for farmed salmon which already today is consumed in countries all over the world. This very special business is ready to use financial tools to control risk, like other food businesses have been doing for decades."

"The agreement with Cinetics is very important to us" says Chairman of the FishEx board Ole Martin Andreassen. "We can offer a fully fledged marketplace where participants can buy or sell futures on salmon. This combined with clearing and well documented methods of setting a reference price, developed by Norway’s Fishing University, enables us to give the fish industry a marketplace like other commodity markets. We have chosen a well proven trading system solution which has been recognized for its high availablity and user friendliness."

Project manager Dag Eivind Opstad comments: "The work to establish the marketplace is progressing faster than our best expectations. We have in a short time frame agreed contracts with solid partners which makes us confident that we can offer a marketplace with all necessary funtions and qualities. The agreement with Cinetics enables us to launch a test version in mid-January, where the participants can get acquainted with the platform, and begin simulated trading."