Introduction Using market mechanisms to protect marine resources is becoming common among various countries such as Iceland, Australia, and New Zealand. For example, many countries have recently introduced individual transferable quota (ITQ) systems (Arnason 2005), which allow people to trade their fishing rights, thereby creating new markets for fishing rights. In order to conduct such polices using market mechanisms, it is important to know how fish markets are integrated among different regional markets so that policymakers can figure out whether different policies are required for different regions for them to work more effectively.