In the Antarctic there are large unexploited stocks of cephalopods with high potential commercial value and there are two important fisheries for squid in the cool temperate waters of the Southern Ocean, adjacent to the Antarctic, in the Atlantic and Pacific sectors. Squid fisheries can develop very rapidly, and if this were to happen in the Antarctic before adequate management plans could be established, there would be serious consequences for the squid stocks, and also for the vertebrate predator populations which depend on them. It is especially important to increase our knowledge of the Antarctic cephalopod species, their distribution and role in the food chain, and to understand their life cycles