Long-duration derivatives based on two competing housing price indexes began trading this week. These new contracts with expirations between one to five years will allow investors, developers, builders and other market participants to express a long-term view on U.S. housing prices. Contracts based on Radar Logic's Residential Property Index (RPX) will be available through licensed dealers including Morgan Stanley & Co., Lehman Brothers, Merrill Lynch, Pierce, Fenner & Smith Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., and Bear Stearns & Co. These indices cover 25 local market areas. Futures contracts and options based on the S&P/Case-Shiller U.S. National Home Price Index with durations of 12 months or less have traded on the Chicago Mercantile Excha...
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