Open Ocean Exchange

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Our Members.

Member requirements

OOX is an independent exchange to facilitate an efficient and accessible market for trading seafood and allow a better trading experience.

Seafood is an inclusive community and OOX want to maintain this cordiality in the digital sphere as more of our lives move online. 

But the community is only as good as its members and OOX have requirements that must be met to ensure the platform operates with integrity.

This list below is not exhaustive and OOX membership requirements will continue to evolve. 

OOX reserves the right to modify the Membership Requirements to ensure the integrity of the exchange is maintained and to encourage behaviours that maintain an efficient and accessible market.

Read OOX Membership Requirements

  • Have legal capacity and all registrations, authorisations, approvals and/or consents required by Applicable Law in connection with trading seafood on OOX.
  • A history of trading seafood with a sufficient level of trading ability and competence. OOX is not for ‘tyre-kickers’.
  • New members not known to OOX are required to be introduced by an existing member.
  • Have adequate execution and order management systems to allow the orderly settlement of trades.
  • Have financial and business standing suitable to enter into trades.
  • Sellers or their agents must have exclusive access to product.
  • Buyers or their agents must have buying authority and ability to pay.
  • Agent agreements must be in place between buyers and sellers and their agents.
  • No grey-trade product to be traded on OOX.
  • No seafood illegally caught to be traded on OOX.
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Member Code of Conduct

The global seafood trade is built on relationships and certain behaviours have formed that are expected from all parties to the trade.

OOX wants to ensure that relationships stay at the heart of the exchange – but some of the “unwritten rules” of the trade need to be formalised so that the industry can mature in a digital environment.

OOX have created a “Membership Agreement” and a “Member Rulebook” to reflect these behaviours.

Personal integrity and professionalism cannot be created or preserved by rules alone – it depends upon the understanding and judgement of individuals. Documents do not address all possible circumstances in which the various principles apply. They do, however, provide specific rules on matters considered to be of particular importance in meeting the expectations of regulators, counterparties and market participants.

Read OOX Code Of Conduct

  • A deal is a deal – and neither the buyer or seller can cancel an order if the market has moved against them.
  • Both parties engage in good faith when discussing an order e.g. – the seller has the stock offered available / the buyer has an order to fulfil.
  • Seller/Exporter will endeavour to pack as close as reasonably possible to the confirmed order by grade and cartons.
  • Seller to ensure all documentation is correct and make timely changes when in error.
  • Sellers will work on good flight connections to ensure quality product.
  • Buyers will work closely with consignees to ensure landed cargo is cleared promptly.
  • Buyers and Sellers will mutually work on resolving issues linked to flight delays.
  • Changes such as flights/consignees/eta dates and sizes to be mutually agreed by both parties using chat functionality. Seller to amend trade to reflect agreed changes and notify buyers.
  • Payment terms followed as agreed on order. Any changes mutually agreed by both parties.
  • Product or settlement default will be for the affected members to resolve such matters without recourse to OOX. The members should notify OOX of any default and OOX may take action with regard to access to the platform.
  • Buyers and Sellers commit to trade on the platform.

 

Breaches of OOX Rules and Members Code of Conduct

  • If a member does not comply with the Rules or breaches the Membership Agreement;
  • OOX may, at its absolute discretion, suspend, terminate or restrict that Member’s access to the OOX Trading Platform or the business conducted by the Member on the Platform.
  • The Member will be notified in writing of any action taken, or proposed to be taken, by OOX in accordance with these Rules.
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Next steps to better trading.

The integrity and security of OOX members is top priority. Every member must agree to our terms and conditions. OOX community consists only of genuine seafood buyers, sellers, or agents. 

Register your details with the OOX team, we will get back to you as soon as possible with the next steps. 

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