The Scottish Seafood Exchange will provide a whole new set of benefits for the UK seafood and aquaculture industries, giving members greater control over how their market functions and the quality they can deliver.

Quality: The Exchange will work closely with existing national and international quality control and certification schemes for the purpose of encouraging sound in-house product quality management by members both in the marine and aquaculture sectors.

Traceability: The Exchange aims to provide members with reliable information on the movements of product, from the time it is caught until its delivery to the final buyer on the Exchange. This will help to ensure optimum value for members and guaranteed quality for the end customer.

Standard Contracts: The Exchange will work with the industry to establish standard contracts so as to ensure openness and clarity on all dealings. Standard product definitions, contract terms and clear market rules will reduce the potential for legal disputes.

Securing payment for members: For the first time in the seafood sector, the Exchange will offer a secure system of payment for cash transactions, a system that will help prevent fraud and ensure invoices are met.

Under the management rules of the Scottish Seafood Exchange, just as seller members will be expected to comply with the market requirements as to quality, description and delivery, buyer members will be required to pay their invoices on time.

Finance and credit insurance: In addition the Exchange will offer all members on-line access to established providers offering a range of banking, financial and credit insurance services tailored exactly to their market needs.

Market Access: The Scotsea trading system will allow members instant access to the market sector in which they wish to deal. Be it shellfish, demersal, pelagic or the farmed variety, at the touch of the finger, any member wishing to trade will instantly be able to see products on offer, quality and quantity, and

the prices being secured. Buyers can contact sellers, or vice-versa, and deals can be closed, regardless of where the seafood has been landed, or where the trader has his or her terminal. All terms agreed will be recorded on screen following negotiations using the interactive on-screen text service, secure private voice connection or video-conferencing.

Language: The Scotsea trading system will allow members to agree terms on screen in their own language, starting with English, French and Spanish.

Consultants, Legal and Accounting Services: The Scottish Seafood Exchange will provide its members with easy access to those professionals that can assist them to make best use of the Scotsea trading system and the market services and benefits that the Exchange offers.

Training and Technical Assistance: The Scottish Seafood Exchange will offer members and their staff special programmes of training and technical assistance in their own language.

Market Management: The Scottish Seafood Exchange will ensure that the market is efficiently managed and that it complies with all UK and European market rules and regulations. It will keep members up to date with changes to market rules and regulations as they happen and so allow them to tailor their plans and strategies to adjust to the fast changing trading environment.

Market Information: Open availability of reliable market information is a pre-requisite of an efficient market that can secure best prices for its members. Although all transactions between members will be private and confidential, the system will collect and provide current and historic information on FOB prices, as well as other useful statistics and analysis of trading patterns.