Doug Rhoten, Chief Executive Officer, ICAP North America said âICAP is delighted to witness the acceptance and participation of the dealers in RPX derivatives. In todayâs volatile markets it is becoming more and more important for our customers to be able to hedge their residential property risk. We are seeing today the results of long efforts that included, the dealer community, Radar Logic and ourselves to bring to market a unique viable residential property hedging tool.â
Andrew Aymen Samawi, Head of Residential Property Derivatives, ICAP North America said, âThe high level of interest in RPX derivatives shows there is a real need for an effective risk mitigation tool. We have now shifted to the next phase of wider acceptance that will not only lead to greater volume, but also pave the way to product expansion over time.â
ICAP had announced the creation of a joint venture related to the RPX market with Radar Logic Incorporated, the analytic and data company that created the residential property index, in August. The joint venture company will develop new lines of market pricing mechanisms, analytics and commentary based on the U.S. residential property index.