Overdone expectations



Property derivatives in the UK, the birthplace of that market, have been falling short of expectations. Growth has slowed since last year, and sector deals - trades based on the performance of one part of the market, such as offices in the City of London - have been few and far between.

The first UK property sector deal was completed by ABN Amro in November 2005 - a £60 million 15-month swap based on the UK retail property index, compiled by London-based property research and index provider I