The Chilean jack mackerel (Trachurus murphyi) is one of the mostimportant exploited fish populations in the world. Its area of distribution covers thesub-tropical waters of the South Pacific Ocean, from South America up to New Zealand andeven Australia. It is subject to high variations in biomass, with annual world catchesvarying from less than 0.5 to almost 5 million tonnes. Management of this species and itsfishery requires a correct understanding of the population structure. Although severalhypotheses have been proposed, suggesting that there are up to four independentpopulations, genetic analysis indicates only a single population in the South PacificOcean. We consider the two most probable structures for this population: a “patchypopulation”, where all the fish belong to a single population that expands and contractsdepending on the biomass; and a metapopulation, where a source population creates severalsubpopulations that can remain independent during prolonged periods, depending on theenvironmental conditions. We studied the conditions for these hypotheses to representreality, especially the demographic structure and existence of different spawning areas.Using knowledge obtained from fisheries and acoustic surveys, we show that if we applytheir definitions strictly, neither of the two hypotheses can be fully rejected.Nevertheless, some particular spatial characteristics observed recently between thePeruvian and Centre-South Chilean parts of the distribution lead us to conclude that themetapopulation definition is likely to better describe the stock. The consequences of eachpopulation structure for fisheries management are listed, showing that the metapopulationhypothesis represents a safer definition for stock assessment. We conclude that T.murphyi can be described as a metapopulation, but also that the definitionsproposed in the literature on metapopulations are not fully adapted to pelagic fishpopulations with a basin-scale distribution range, and suggests specific research thatcould be done in this field.