Last week, another player launched a set of residential property indices in the race to enable trading in derivative instruments and financial products. Morgan Stanley, Lehman Brothers and Merrill Lynch signed licensing agreements with New York-based Radar Logic Inc. for its Residential Property Index, or RPX. Radar Logic uses proprietary modeling techniques to create "daily prices" derived from actual prices paid for U.S. residential real estate. The indices are based on the price per square foot in 25 markets and a composite index, and will be published nine weeks after the actual closing date. The indices will be published each day for several time periods: daily, seven days and 28 days. Also last week, the Chicago Mercantile Exchange announced that housing futures and options contract...
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