Pan European Fish Auctions is a business to business online fish auctions, aimed at removing geographic limits from the fish trade.
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Founded by Marie-Jeanne Because-Pieters in July 1998 PEFA is aimed at breaking down geographical limits experienced throughout Europe. It was conceived as a result of instable supply and demand procedures through northern Europe where traditionally there was over supply and hence lower prices to the south where there was undersupply and higher prices within the fishing industry. A year after its conception 10% of the total handled by the member markets was sold over the internet, representing between 15-20 000 tonnes of fish a year. Developed in association with specialised software engineers and the University of Gent developed a system which would interlink Europe for the purpose of fish auctions.
PEFA.com is based in Zeebrugge, Belgium and since its origins has expanded to nine auctions in total, One Belgian, four UK, three Dutch and recently a French addition. They are connected via an Internet based intranet in which each potential buyer across Europe is given the same information as if they were at the auction. Thus a virtual marketplace has been created on a business to business level and the first business to business online fish market auction.
Each member and potential buyer of the PEFA systems is given the same information as if they were at the auction. Comparatively as opposed to eBay the auctions take place everyday and bidding occurs simultaneously through the image of an auctions clock. This clock is available from the PEFA websites and ranges in languages and currency. The rapid process ad consistency of auctions is due to the nature of the product. Intranet users are also able to select from thirty-six different fishing waters and quality classifications have now been determined and regulated in order to determine the a grade and classification of the seafood. A variety of further information is available such as statistics on sales, prices, demand and even the name and type of vessel catching the seafood.
PEFA also incorporated within the company its own banking scheme and system. The aim being to protect both auctioneers and consumers. The system requires the Auction buyer to have a bank guarantee, a 12 500 EUR minimum. This capital is frozen and allows the buyer access to all the auctions on the network. Each auction and buyer is constantly updated regarding sales as well as prices and hence the buyer cannot exceed their limit and seller is guaranteed payment. Whilst the system is not flexible it is convenient to buyers as it means only having to deal with a single organisation during banking and transferral of money.
PEFA was revolutionary at the time of its origin, and the inevitable success has caused considerable effects. With the employment of the ‘Dutch’ Auction system, the market has attracted the highest possible prices for the industry.
The PEFA system also encourages local communities profits by reducing costs and maximising the potential market.
--Jaime marin 18:40, 27 Oct 2005 (EST)
