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E-Trading Opens Numerous Possibilities for Fishermen

The more companies will be able to present their goods at e-auctions, the wider specter of fish product will be on the Russian market, and the sooner positive changes of price will be seen, says with certainty Director General of Far East Fish Exchange CJSC, Sergey Lelyukhin.

On May 29 the trading floor of Far East Fish Exchange (FFE) held the first auction for sale of fish and sea products. Its participants positively estimated this experience: after an hour of bidding buyers who won the auction got contracts and guarantees for procurement of first-class fish products, and the seller – financial assets, including for preparation for the coming fishing season.


It should be noted that these are not the first trade operations with fish and sea products held at FFE trading floor. “In 2014 we held test stock biddings with fish products. During this time we performed serious work by studying gained experience and needs of market participants and came to the conclusion that at this stage auction trade can be of great interest for the Russian fishing community”, told Director General of Far East Fish Exchange CJSC, Sergey Lelyukhin, in the interview.


In his words both readymade products and products that will be manufactured by a particular term in the future can be sold at auction biddings. This is a so-called delayed delivery. For example, a term of fish product delivery before September 1, 2015, was discussed at the auction held on May 29.


“However, in case of auction trading a seller has no insurance against price changes by a moment of delivery. While in case of stock trading, even if the good has been sold at a minimal price and by the moment of delivery its market cost considerably increased, these price losses will be compensated for at the expense of variation margin”, noted the interlocutor. By the way, he added, even in spite of the existing risks the client of the previous auction trading – Koryakmoreproduct LLC – was pleased with the price and already planned the next trading.


Along with that, according to Sergey Lelyukhin, the first experience of conduct of a fish auction at e-trading floor helped to identify problematic moments that would be resolved by the next trading. Thus, absence of opportunity to change lot sizes during trading pushed away buyers who planned to purchase 100 and more tons of fish products at once. While a too big spacing in price change prevented from organization of active competition during the auction. “We have considered these moments, and by the time of the next auction, which will take place on June 17, 2012, sizes of lots will be more differentiated. We will also settle a problem with spacing of price change,” promised Director General of Far East Fish Exchange.


Another question is work with the bidding program. “Access to the bidding is available via website of Saint-Petersburg Exchange JSC and requires no installation of a special program on participant’s computer – you just need to have an access to the Internet. Users assess the existing auction program as simple and intuitive, besides that there is a detailed manual for it. Yet it is obvious that even experienced PC users may have some difficulties when they master a new program. We think that course for participants of e-auctions, especially for newcomers, will help to solve related problems, where they are given all necessary explanations and a chance to participate in test trading”, noted head of FFE. According to him, the test auction held on May 28 helped the participants to hold their first trading next day with no mistakes.


газета "Рыбак Приморья"

Date: 11.06.2015 All news