Combining as it does real estate risk and derivative risk, the property derivatives market has not surprisingly had a tough time of late. In the first quarter of 2007 business was booming, with £2.9 billion of trades. But times have changed. Global volumes were £708 million for the second quarter this year – a modest rise from £606 million for the first quarter. A total of 159 trades were executed with an average outstanding size of...
