Salmon futures, settled on SISALMONI

The European Salmon Futures (ESF) contract listed on Euronext lets producers, exporters, processors and buyers hedge salmon price risk on a regulated market. It is cash-settled against the SISALMONI index, administered in Paris by FinanceAgri.

Contract features

According to the specifications published by Euronext, one contract covers one tonne of salmon and trades in euros per tonne. Euronext lists 32 consecutive delivery months at all times, from 8:30 to 16:00 Paris time. The last trading day is the Tuesday before the first Wednesday of the expiry month.

Settlement without physical delivery

No salmon changes hands. At expiry, Euronext sets the settlement price as the average of the four or five weekly SISALMONI levels of the delivery month, rounded to the nearest 10 euros. According to Fish Pool (Euronext group), the SISALMONI 3-6 kg index has been used for 100% of the settlement price since 22 July 2024.

A supervised market

In an opinion published on 11 February 2026, ESMA reviewed the position limits set by the French AMF for this contract: 5,000 lots for the spot month and 11,500 lots for other months. ESMA counted 17 participants in this market.

Why the underlying index matters

A settlement price must resist manipulation and be supervised. SISALMONI is calculated from actual invoices, weighted by volume and administered under the EU Benchmarks Regulation (BMR), supervised by the AMF.

Follow the underlying

The change in the 3-6 kg index is published free of charge every week. Following the levels used for settlement requires a subscription.