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The Chilean Seafood Exchange (CSX) was established
to represent the collaborative sales and marketing activities of
FROZEN commodity and value added seafood products in Full Container
Loads (FCL’s) quantities on behalf of a select group of Chilean
salmon farms and fishing companies. CSX serves as a producer sponsored
clearinghouse to qualified buyers requiring quality assured, long-term
supply relationships from Chile. CSX is governed equally by the
Chilean producers that provide markets through the exchange. Focused
on your growth, our diversity is your opportunity. CSX is built
on a worldwide reputation for honesty, integrity, and a commitment
to excellence. Our overriding purpose is to help you thrive in today’s
global seafood marketplace. We work with our members on an individual
basis, one at a time, in a manner consistent with your normal scope
of business and help you employ the most advanced available technologies
to achieve your goals. For Chilean producers, we help increase knowledge
of U.S. and Canadian markets to optimize on export returns, coordinate
and manage all distribution logistics and provide risk management
opportunities.
Chilean Seafood Exchange acts as a clearinghouse
between buyers in North America and producers in Chile.
Corporate Information
CSX was organized as a corporation in 1998 under the laws of the
state of Florida. CSX is governed equally by the Chilean producers
that provide markets through the exchange.
CSX's principal business consists of managing buyer’s
purchase orders, providing facilities for the clearance and settlement
of transactions, and providing optional credit protection services
to its producer members.
CSX is managed by a board of directors consisting
of five directors who represent producer members, one director representing
each producer named above, one public director, and the chief executive
officer of CSX.
The principal executive offices of CSX are located
at 5000 Godfrey Road, Coral Springs, Florida 33067-4148, telephone
(954) 255-7848.
Mission Statement
Obligations of CSX
The obligations of CSX to both producer and buyer
members are prescribed in its by-laws and rules, copies of which
may be obtained upon request. The following is a brief summary of
some, but not all, of those obligations, and is qualified in its
entirety by the provisions of the by-laws and rules themselves.
1. Acceptance and Rejection of Transactions
When CSX issues a buyer’s Purchase Order (PO) to producers, it will
be accompanied by an Estimated Settlement Statement identifying
all related exchange fees and reimbursable expenses contemplated
for delivery F.O.B. designated U.S. port. Upon producer’s acceptance
of PO, CSX assumes the obligations described below under "Exercise
and Settlement” on their behalf. CSX has no obligation with respect
to purchase or possession of any product. Producers must accept
or reject POs based on sales terms and conditions to identified
buyer. In the case of certain POs and in the event of untimely producer
reply, CSX reserves the right to transfer PO to a mutually acceptable
alternative producer.
2. Exercise and Settlement
When producer accepts a buyer’s PO, CSX becomes obligated to effectuate
Exercise and Settlement on behalf of producer. Exercise relates
to management of all distribution logistics required to deliver
the product. CSX is consignee and importer of record and will incur
certain entry fees (including U.S. Customs Merchandise Handling
Fees, Duties, clearance brokerage, etc.) which producer agrees to
reimburse CSX at Settlement. At the producer’s option, CSX will
obtain non-recourse credit protection through GE Structured Trade
Finance and process all related documentation. CSX will maintain
separate accounting and bank account for each producer member. Bank
accounts will be maintained at Bank Atlantic and controlled by respective
producer through PC banking. CSX will invoice buyers on behalf of
producers. Invoices will identify CSX-Producer issuer and instruct
buyers to make Electronic Fund Transfers (EFT’s) directly to the
account of appropriate producer on Settlement Day. CSX will arrange
for delivery of cleared product to buyer. In the event governmental
authority detains shipment, CSX will advise all parties of revised
Settlement Date commensurate with product release. On Settlement
Day, CSX will send a Settlement Statement to producers itemizing
fees and reimbursable expenses to be transferred within three days
to CSX General Bank Account also at Bank Atlantic.
3. Remedies
CSX maintains a Compliance Department, which serves as policing
arm of the exchange. This department investigates potential members
and analyzes the financial statements of member organizations (to
determine whether they will be able to meet their financial obligations).
Compliance oversees all transactions, investigates any disputes,
provides arbitration (when necessary) and works closely with SeaFax,
Seafood Credit Corporation and GE Structured Trade Finance to ensure
that all financial obligations are being met.
4. The Business of Clearing Trades
The Clearing function is at the heart of any exchange. CSX performs
many key functions for its producer members:
- Match of every Purchase Order
- Facilitate delivery and manage logistics
- Make reimbursable payments to effectuate trades
- Invoice and Collect funds resulting from trade activity
- Arrange credit protection (when required)
- Report relevant and appropriate trade data to members and credit
authorities
- Maintain computer system equipped with full back-up capabilities
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