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1. In order to take into account the introduction of the landing obligation and to make quotas available to Member States without a quota for certain by-catches, the quota exchange mechanism as defined in this Article shall apply to the TACs identified in Annex IA.

2. 6 % of each quota from the TACs for cod in the Celtic Sea, cod in the West of Scotland, whiting in the Irish Sea and plaice in ICES divisions 7h, 7j and 7k, and 3 % of each quota from the TAC for West of Scotland whiting, allocated to each Member State, shall be made available for a pool for quota exchanges, which shall open as of 1 January 2019. Member States without quota shall have exclusive access to the quota pool until 31 March 2019.

3. The quantities drawn from the pool may not be exchanged or transferred to the following year. Any unused quantities shall be returned to those Member States that have initially contributed to the pool for quota exchanges after 31 March 2019.

4. The quotas provided in return shall be preferably taken from a list of TACs identified by each Member State contributing to the pool as listed in the Appendix to Annex IA.

5. Those quotas shall be of equivalent commercial value by using a market exchange rate or other mutually acceptable exchange rates. In absence of alternatives, the equivalent economic value in accordance to the average Union prices of the previous year, as provided by the European Market Observatory for Fisheries and Aquaculture Products, shall be used.

6. In cases where the above mechanism does not allow Member States to cover their unavoidable by-catches to a similar extent, Member States shall endeavour to agree on quota exchanges pursuant to Article 16(8) of Regulation (EU) No 1380/2013, ensuring that quotas exchanged are of equivalent commercial value.