Undercurrent News Price Reporting Methodology

Undercurrent News strives to deliver price assessments that accurately represent seafood market conditions. This document outlines our standards and procedures to gather and evaluate market data, ensuring that our assessments are reliable, transparent, and reflect real market value.

Information Collection and Publication

Undercurrent News gathers market data continuously. Our reporters start collecting data for the next reporting period as soon as the previous one closes. Data is obtained through various channels, including phone calls, face-to-face discussions, emails, and instant messaging.

Market participants are encouraged to share all relevant data that falls within our criteria for price reporting, including transactional data from back-office operations. We gather details such as:

  • The timing and specifics of a transaction.
  • The products involved and their quantities.
  • Current bid and offer levels.
  • Shipment schedules and packaging details.

Hierarchy of Data in Establishing Quotations

When determining price assessments, we prioritize data according to the following hierarchy:

  1. Verified Trades – Completed transactions confirmed between independent parties.
  2. Firm Offers and Bids – Valid bids and offers that are open and accessible to the market.
  3. Supplementary Market Insights – Additional information related to market activity, including price trends and product relationships.
  4. Market Participant Evaluations – General indications of current market values based on conversations with industry stakeholders.

If new bids or offers emerge after the last confirmed transactions, final assessments may be adjusted, provided sufficient justification exists. However, offer prices alone will not increase the assessment, nor will bid prices alone be used to lower it.

Handling Limited or Unquoted Markets

Certain products may be left unquoted in cases where market activity is limited or infrequent. This does not reflect a price increase or decrease but simply indicates that sufficient data was unavailable to establish a reliable price assessment.

Handling Anomalous or Distorted Data

Undercurrent News takes extra care to ensure that data used in price assessments is free from distortion. We exclude any transactions that appear non-standard or potentially manipulative, such as:

  • Transactions between related parties.
  • Bundled transactions where one item's price influences another's price.
  • Data that conflicts with broader market conditions or significantly deviates from other data gathered during the same period.

We also cross-verify data with other market participants to ensure the integrity of our assessments. Only market data is ever shared among market participants; individual or company names are always kept confidential.

Market Reporter Training and Standards

At Undercurrent News, we maintain high standards for the accuracy and consistency of our price reporting. Our market reporters undergo comprehensive training before collecting data and conducting assessments. New reporters work closely with experienced staff to develop expertise in the seafood markets they cover.

Market reporters are trained to exercise judgment, particularly during low liquidity or limited negotiation data. They learn to identify and address anomalies that could otherwise result in inaccurate price assessments. Cross-training is also conducted annually to ensure consistency in reporting across different markets.

Input Data

Undercurrent News seeks the highest quality data for its price assessments. To maintain the integrity of our reports, we rely on accurate, relevant data provided by market participants. This includes details on market transactions such as product specifications, order sizes, and delivery schedules.

We assess data from various sources and regularly verify the reliability of the companies and individuals providing information. When evaluating a data source, factors include adherence to guidelines, data accuracy, and operational practices.

Types of Data to Report

We encourage participants to submit data relevant to our price assessments, including:

  • Firm bids and offers that are open to the market.
  • Confirmed trade transactions.
  • Indicative prices, clearly labeled as such.
  • General market activity and reports heard from others.

All relevant data is considered for inclusion, provided it is submitted before the reporting deadline.

How to Submit Data

Undercurrent News accepts data submissions through various channels, including phone calls, email, face-to-face meetings, and public instant messaging systems. We aim to accommodate market participants' preferred communication methods. If you plan to submit data through a non-standard channel, please notify us in advance so we can properly assess the information.

Security and Confidentiality

We take confidentiality seriously. All data submitted to Undercurrent News is stored securely and handled according to our internal security protocols. While we publish market data as part of our price assessments, we guarantee the anonymity of the companies and individuals contributing to the data.

Our team does not enter into confidentiality agreements for the purpose of price reporting but ensures that all contributors' identities are kept private.

Assessment Process

Our assessment process includes:

  1. Data Collection and Verification: We gather market data daily and verify its accuracy through cross-checking with other participants.
  2. Market Monitoring: We track trading activity to capture key market movements.
  3. Final Price Assessment: At the end of each reporting period, we analyze the collected data and publish our price assessments and relevant market commentary.

If disruptions occur due to technical issues, natural disasters, or other extraordinary events, we will notify subscribers of any changes to our schedule.

Handling Contract vs. Spot Market Prices

Undercurrent News primarily uses spot market data for our price assessments. Long-term contracts or market-related transactions are not used in the final pricing, though they may be considered indicators of broader market trends.

Data Thresholds and Minimum Evidence for Quotes

While no fixed minimum for data is needed to establish a price assessment, Undercurrent News ensures that sufficient evidence is gathered to accurately reflect market conditions. If data is sparse, we may choose to leave a product unquoted until more reliable information becomes available.

Timestamps

Our weekly price assessments are aligned with periods of high market activity to capture the most accurate price levels. A liquid market is when many buyers and sellers actively trade, resulting in reliable price data. We ensure that our assessments reflect the prevailing market conditions by setting a consistent weekly time.

Corrections

Undercurrent News is committed to promptly correcting material errors in our price assessments. Corrections apply only to information that was available at the time the assessment was made.

Requests for Clarifications and Complaints

Undercurrent News values transparency and encourages dialogue with market participants regarding our methodologies and price assessments. If you have questions or complaints, please email us at [email protected].