TFS Executes First-Ever S&P
NEW YORK, May 14, 2007 – Tradition Financial Services (TFS), a subsidiary of Compagnie Financière Tradition (CFT), announced today it executed the first OTC forward trade in the U.S. Housing Derivatives market from its New York office. The trade was a four-year forward trade to be financially settled against the February 2011 S&P/Case-Shiller USA Index (Symbol: SPCSUSA). The counterparts, Goldman Sachs & Co. and Jonathan Reiss of Analytical Synthesis, LLC, wrote the swap.
Jonathan Reiss, founding principal of Analytical Synthesis, noted, "Housing derivatives have enormous potential both in terms of market size and, more importantly, in allowing better management of an important financial risk. Trading contracts for terms of three to five years is an important step forward."
"TFS is pleased to have worked with Goldman Sachs and Jonathan Reiss to complete this first-ever U.S. housing forward trade," commented Fritz Siebel, director of TFS US property derivatives. "This initial OTC trade is indicative of the demand for these products."
TFS is a fully active commercial and residential property derivative broker in both New York and London.
Inquiries
| Fritz Siebel, Director of US Property Derivatives, TFS | +1.212.943.2023 |
| Jennifer Van Hofwegen, Head of Marketing and Communications, TFS | +1.212.791.6491 |
| Jonathan Reiss, Analytical Synthesis | +1.212.452.2590 |