Property Exchange Company and Real Estate Derivatives Broker Announce Co-operation
London, 11 April, 2007 – The Property Investment Market (TPIM), the UK’s first property exchange, has today announced a new agreement with Tradition Financial Services Ltd (TFS), one of world’s largest brokers of financial products. The exclusive deal with TFS’s property derivatives arm will see the two companies working together on joint marketing and other activities with the aim of growing their respective businesses.
The deal between TFS and TPIM will enable the companies to complement their respective positions in the residential property market, with TPIM’s exchange function in actual real estate assets and TFS’s intermediation of property derivatives. Additionally, the companies will collaborate on sales and promotional activities as well as have a presence on each other’s websites, enabling customers to access information on both companies and their investment opportunities from either site.
Stephen Kenny, Chief Executive of TPIM, said: "We share a desire to increase participation in property investment through innovation and new opportunities for investment. This deal enables us to benefit from TFS’s vast experience in financial products and bring that to bear on the future of the property market, helping both sides to expand our customer growth."
Peter Sceats, Director of TFS Property, said: "We are delighted to have concluded co-operation terms with TPIM whose role in the housing market complements our own activities in residential derivatives. We value the potential of the residential sector in the growth of the property derivatives market. Our forward curve in HPI swaps now extends to 2037 and the Future House Price (FHP) Indices we launched in January 2007 have attracted much industry attention. This agreement places TFS and TPIM in a position to utilize the relationship between the derivative and the physical asset on behalf of both sets of customers."
Inquiries
| TFS, Peter Sceats | Property@TFSbrokers.com | +44 (0) 207 796 1514 |
| TPIM, Stephen Kenny | stephen.kenny@tpimarket.com | +44 (0) 207 796 1514 |