BUSINESS NEWS

TUPNews recently visited Oslo, the capital of Norway, to attend a conference for the Nordic power industry. Norway is basically an entire country made out of the Lake District, with Shoreditch as its capital city. Almost all Norwegian women are pregnant, for some reason. Beer is shockingly expensive, at around £6 per half-litre. Don’t worry reader! TUPNews put it all on expenses. I assumed this must be a reflection of higher Norwegian salaries, but the Osloites I spoke to told me no, it’s just ridiculously expensive because the government taxes the shit out of booze. I asked if this meant that they drank less, in the continental style, but apparently no, they still get utterly beasted, and they’re all broke all the time.

Over a really rather excellent Norwegian lunch at the SAS Radisson, fellow delegates told TUPNews of the latest forward market under development in Scandinavia. Fish forwards will allow the buyers and sellers of fish to fix the price of fish for future delivery in the Nordic region. Fish is a major staple of the Nordic diet, so it is in the interests of fish processors and marketers to mitigate the price risk of an unpredictable supply dynamic.

There are some details to be ironed out: for a start, it is far more difficult to find a standardised fish product – they come in different sizes, species etc. It’s a bit of a gamble for the fishermen, as well, selling fish that they haven’t yet caught. Break a net and you could find yourself shelling out big time on the spot market in order to meet your delivery contract. But my sources say the market could be up and running next year.

If London wants to maintain its reputation as the leading global hub of derivatives trading, Billingsgate Market should set up a fish futures exchange. Otherwise these Norwegians will leave us for dust.