In 1535 Christian II, the deposed monarch, tried to regain power from King Christian III who had just succeeded his father Frederick I. Several of the powerful German companies backed Christian II, but he eventually lost. In 1537 the new King Christian III gave the German trader Thomas Köppen exclusive trading rights in the Faroes. These rights were subject to the following conditions: only good quality goods were to be supplied by the Faroese and were to be made in numbers proportionate to the rest of the market; the goods were to be bought at their market value; and the traders were to deal fairly and honestly with the Faroese.