The chaos begins at 5 am. The markets open, the traders arrive, and the auction floor heaves. Over the next six hours, gambles are taken, hands are shaken, and deals are made in a flurry of brinkmanship, shouting, and testosterone.
But this isn’t a Wall Street trading floor, and the commodity isn’t financial assets. Instead, the stock is of a different variety: fish. This is how fishermen auction their catch to primary processors who slice, dice, and prepare seafood for wholesalers, the last-mile delivery companies that supply restaurants, fishmongers, and supermarkets.
A patchwork of 140,000 businesses make up the European seafood market, which trades more than €140 billion (about $148.5 billion)
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