A number of studies have documented that there is a global market for salmon, in which wild and farmed salmon have a common price determination process. Recent studies report that Norwegian farmed salmon spot prices are also highly correlated with the Fish Pool salmon future contract price, indicating that the futures market can be an important risk management tool, as producers and buyers can hedge price risk. Here, we investigate whether the wild salmon prices can be cross hedged against the Fish Pool salmon future contract, by testing whether wild salmon prices are also correlated with the Fish Pool salmon future contracts. If so, the Fish Pool future contracts can be used as a risk management tool for fishers and buyers of wild salmon. We find that this is the case, providing an additional link between wild and farmed salmon specifically, and between fisheries and aquaculture generally.

中文翻译：

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交叉对冲野生鲑鱼价格

多项研究证明，鲑鱼存在全球市场，其中野生和养殖鲑鱼具有共同的价格确定过程。最近的研究报告称，挪威养殖三文鱼现货价格也与Fish Pool三文鱼期货合约价格高度相关，这表明期货市场可以成为重要的风险管理工具，因为生产商和买家可以对冲价格风险。在这里，我们通过测试野生三文鱼价格是否也与 Fish Pool 三文鱼期货合约相关，来研究野生三文鱼价格是否可以与 Fish Pool 三文鱼期货合约进行交叉对冲。如果是这样，鱼池期货合约可以用作野生鲑鱼渔民和买家的风险管理工具。我们发现情况确实如此，特别是在野生鲑鱼和养殖鲑鱼之间以及一般渔业和水产养殖之间提供了额外的联系。