The logical next step



The Asia-Pacific region has been something of a focus for property derivatives dealers in the past few months. In February, the first property derivatives transaction was conducted in Hong Kong, with Australia reporting its first trade just a few months later in May. Now, it is Japan's turn to get a property derivatives market up and running, with the first deal announced in late July. The difference between Japan and some of the other markets is size: it is the world's second largest real

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