Tradition Financial Services (TFS), one of the world's largest brokers of financial products and subsidiary of Compagnie Financiere Tradition (CFT), announced today it brokered the first Swiss IPD property swap from its London office. The trade matures in December 2011 and was based on the Swiss IPD All Property index. The counterparts, ABN AMRO, a pioneer in the development of property derivatives, and Zurcher Kantonalbank (ZKB), a leading Zurich bank that launched residential property derivatives in 2006, wrote the swap. Both banks and TFS recognise that the availability of European index swaps will further enhance interest and liquidity in the property derivatives market.
TFS is a fully active commercial and residential property derivative broker in both New York and London.