This discussion paper aims to initiate an informed debate in the Nordic countries and elsewhere on how to allocate the trans-boundary fish stocks in the North East Atlantic in the future and how to resolve possible allocation conflicts. The paper maps the current legal framework and international fisheries agreements in the North East Atlantic Ocean which forms the basis for allocation agreements. It considers the relevance of the biological status of the fish stocks and the economic situation of the coastal states in the area for the allocation of fishing rights and further proposes a dynamic allocation methodology and a decision making process including the handling of allocation conflicts.