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Options Eyed For FTSE Real Estate Series

Banks have been enquiring about licensing the FTSE EPRA/NAREIT global real estate indices for over-the-counter options and swaps. "It’s a broad license, allowing for the use of our intellectual property for use in these kinds of transactions," said Bob Ebert, executive vp of commercial sales in New York.

The indices take their name from FTSE’s partners in the venture, the European Public Real Estate Association and National Association of Real Estate Investment Trusts. So far, 10 dealers have licenses to use the index, said Ebert, declining to identify them.

This morning, FTSE launched a new global series, aggregating a previous set for real estate in developed markets and an earlier one for emerging market property launched in December. The expansion comes with the following subseries: global; global ex-U.S.; Americas; Asia Pacific; EMEA; Europe only; Middle East and Africa only; and Developed EMEA.

A third phase slated to launch in June will see a new global series for specialty subsets in emerging markets, catering to residential, offices and industrial properties. "Investors wanted us to expand the global...and add more slices...so we’re going to an expanded global series," said Ronnee Ades, head of alternatives.

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