Market pricing information provider Tullett Prebon Information has teamed up with electronic trading provider Propex to expand the property derivatives market.
The strategic venture will allow the UK's commercial property market access to Tullett Prebon's property derivatives information and pricing through a newly created Property Derivatives Portal on the Propex website at www.propex.co.uk 
Property derivatives are financial instruments that allow investors to manage exposure to the commercial property market without having to buy or sell the physical assets.
Tullett Prebon, the inter-dealer broker, launched its property derivatives capability in July 2005 and formed a partnership with global property adviser DTZ in November of the same year for the marketing and execution of property derivative contracts in the UK and European markets. Since then it has seen an increasing demand for its pricing information, which is provided by independent pricing source, Tullett Prebon Information.
'Price discovery will play a vital role in the continuing development of this new and innovative product and we are delighted to be working with Propex to further raise awareness of this product in the physical property market,' says Darren Bishop, Head of Europe & Asia, Tullett Prebon Information. 'Tullett Prebon Information remains committed to strengthening its position as the benchmark reference source for the property derivatives market.'
Paul Marples, Managing Director of Propex, adds: 'The commercial property sector is fast becoming aware of the potential importance of property derivatives in its market place. As the main data exchange for the property owning pension funds and institutions in the UK, we believe Propex, through its venture with Tullett Prebon Information, will be an important catalyst in the development of this new market place.'
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