In January 2009 a new management regime of individual vessel quotas (IVQs) was put in force in the world´s largest fishery, the Peruvian anchovy fishery. Until 2009, the fishery was managed by a regulated open access system with clear symptoms of the race for fish. We argue that the new regime has stopped the race for fish, reduced the number of vessels participating in the fishery and prolonged the fishing season. Furthermore, the IVQs appear to have improved profitability in the fishery and increased value-added production in the Peruvian anchovy value chains. This provides support that other developing countries can reap benefits of such management systems. However, there appears to have been setbacks in 2010 as the number of participating vessels has once again increased. This indicates that the institutions that regulate and monitor the fishery must be further strengthened.