The Duke of Westminster’s Grosvenor Group and Dutch bank ABN AMRO announced today that they had traded the first Australian property derivative.
According to the Reuters news agency, Grosvenor’s finance director Nicholas Scarles said the British property company was also looking to open up a Japanese property derivatives market.
ABN AMRO said the two-year Australian test trade was based on the PCA/IPD All Property Total Returns Index and was worth less than A$10m (£4.2m) in value .
“It’s the first trade and hopefully it will stimulate thinking about the Australian market and will see it grow, as it has in the UK,” ABN Amro’s Philip Ljubic said.
