due to the limited size of the individual herring quotas the operators proposed to introduce transferability which were approved by the icelandic authorities in through the individual and transferable quota system the icelandic authorities had found a convincing instrument to solve the distribution problems related to a limited resource and large fishing capacity the system covered cod and five other species but also included an option for operators to choose an effortbased management option days at sea initially vessels under gt were not included in the system