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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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