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TFS Launches Property Derivative Volume Survey

London, 31 May, 2006 – The London office of global, over-the-counter (OTC) broker, Tradition Financial Services Ltd. (TFS), today announced it conducts a quarterly volume survey to establish turnover in the Total Return Swap market. Its first survey’s volume for Q1 2006 was between £330 million and £600 million, suggesting an average estimate volume for the first quarter of the year at £465 million.

The volume survey result is consistent with TFS’s own forecast for volume in 2006 undertaken in September 2005 of £2 billion (Base Case) and £3 billion (High Case).

For more information on methodology, please contact property@tfsbrokers.com.