This document describes a framework within which an initial strategy could be developed for managing commercial exploitation of the marine living resources of the Southern Ocean. More particularly, practical approaches are suggested for managing the exploitation of krill and fish in accordance with the objectives and requirements of Article II of the Convention for the Conservation of Antarctic Marine Living Resources (CCAMLR). Quantitative predictions, and hence multi­species models, are necessary for assessing any indirect impact that might arise through the exploitation of either krill or fish, and they are necessary also if management is to be aimed at restoring depleted populations. The knowledge for these models is not available at present. Consequently, the report makes recommendations for (1) the type of research that is needed to improve the situation, and (2) interim management action that is regarded as practicable. The research includes (a) identifying those components (species) of the ecosystem that most significantly influence the dynamics of the system, (b) estimating their demographic status in subsystems, and (c) conducting perturbation experiments in certain of these subsystems. With regard to interim management action, it is recommended that (a) management areas should be delimited, (b) target levels for stock-size should be agreed and (c) both direct and indirect methods should be employed to monitor these stocks. In particular, early attempts should be made to model the fishing operation.