Financial Services Industry
Industry: Email Alert RSS FeedChicago Merc offers home-price futures; Sophisticated individuals, institutional investors seen as first users.(News)
Investment News, June, 2006
Byline: Dan Jamieson IRVINE, Calif. - Investors finally can speculate on, or hedge, the value of home prices. Futures contracts on home resale values began trading May 22 on the Chicago Mercantile Exchange. The contracts are based on the Standard & Poor's Case-Shiller Metro Area House Price indexes, which track price changes of existing homes in 10 major metropolitan areas.
The products have a number of uses, including hedging, asset allocation and speculation, said Fritz Siebel, a senior broker and manager of housing derivatives at Tradition Financial Services Ltd., a Stamford, Conn., futures broker. He worked with the Merc to develop the contracts. Most users initially will be sophisticated investors and institutions, Mr. Siebel said. ...
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