Overdone expectations

UK

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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