The company is owned by trade unions, fish-processing operators, vessel operators and other companies and individuals involved in fisheries.

Toftir, which is located at the opening of Skįlafjųršur, was chosen as the company's main venue, with subsidiaries located in Klaksvķk town and Våg on Sušuroy island. The first auction was held in March 1993.

Faroe Fishmarket has, within the last 12 months, traded in 36,000 t of fish, worth DKK 230 million, which is a substantial part of the total catch landed in the Faroes. Faroe Fishmarket is currently among the largest fish auctioners in Scandinavia.

In September 1993, Faroe Fishmarket started a new method of auctioning fish products. Customers can contact the company and place their orders while the vessels are at the fishing grounds. This system has numerous advantages:

• The sellers (vessels) inform the office of what they have to offer, weight, quantity, type of catch, etc. and whether they want to sell via telephone or on the company's auction floor.
• Guided by this information, the customers can choose what kind of fish they buy, and its weight and quantity.
• This method has been very succesful for both buyer and seller, in that the buyers have more personal contact with their suppliers, which enables both parties to guarantee their customers top-quality products according to any specific wishes they might have.