What is FOEX Indexes?

FOEX Indexes Ltd is a private, independent company. We are specialised in operating as a provider of audited, trade-mark registered pulp, paper, recovered paper and wood based bioenergy/biomass price indices.

Using PIX commercially Read More Terms of commerial use

About FOEX


  • Private, independent company, located in Helsinki, Finland
  • Owned by private individuals and investment companies
  • Publishes weekly and monthly audited pulp, paper & paperboard price indexes
  • Offers contracts to the financial community for the use, against commission, of PIX indexes as benchmarks for financial products used in hedging price risks
  • Offers contracts with individual companies to use PIX indexes as a basis for their supply
  • contracts with their clients/suppliers or internally
  • Owns the trademark rights to the PIX indexes
  • Provides subscribers with up-to-date pulp & paper market information
  • Staff highly experienced in pulp and paper sector
  • Chairman: Timo Laitinen; Managing Director: Timo Teräs


  • 1986 - Finnish Options Exchange, public company main products: exchange rate and interest rate futures and options
  • 1992-95 - Pulp & paper hedging: research & index development
  • 1996-98 - First indexes launched: PIX trade-marked, pulp futures and options traded
  • 1998 - Exchange and interest rate products trading is transferred to HEX (Helsinki Stock Exchange); FOEX continues as specialized index provider
  • 1999 - FOEX ceases to be an Exchange and is privatized. Name changed to FOEX Indexes Ltd.
  • 1999 onw. - New indexes being launched almost yearly

FOEX Expert Paneltoggle

  • In order to further increase the reliability and value of the PIX-index system, FOEX Indexes Ltd has an appointed Expert Panel. The main tasks of the panel are:
  • To provide their view on the price formation, should there be, for some reason, a period when
  • sufficient price data from the market was not available (never happened so far)
  • To give their opinion on the validity of the index values, should there be an official legal
  • complaint against PIX-system or individual values (never happened so far)
  • To assist the FOEX personnel, case need, in the development of new indices
  • To communicate to FOEX the opinions from the market on the validity and use of the indices

The current expert panel members are:

Brian McCLAY
Brian is Principal at TerraChoice Market Services Inc., based in Montreal, Canada.  TerraChoice provides a monthly Market Pulp Information Service report.
See Brian's CV here

Roman Hohol
Roman is Director of Forest Industry Marketing Practice with AMEC, a large international consulting company. He is based in Canada.
See Roman's CV here

Sakari Pappila Sakari has a long and distinguished career in the market pulp business, and operated a pulp agency, Kingsway Fibre Ltd, until 2011.

See Sakari's CV here

Tom Wright
Tom is Research Director at Hawkins Wright, based in London, the UK. See
Tom's CV here

Former FOEX Expert Panelists include Richard Cockram, Torsten Nykopp, Bernt Stenberg and Didrik de Thibault.