GFI names traders to spearhead property derivatives venture

Two veteran GFI brokers are set to start work developing a property derivatives trading desk as part of a joint initiative between the brokerage and real estate services group CB Richard Ellis (CBRE). Michael Levi and Paul Ogden will start work when the unnamed joint venture is launched in the near future.

Levi co-founded the oil futures broker Spectron Futures in 1989 and joined GFI in 1995, specialising in setting up new broking businesses, including energy and coal derivatives desks.

Ogden joined GFI in 1992 to run its Sydney office, setting up a Japanese government bond options desk after five years working as a bond and bond derivatives trader for Nomura in Japan. He left in 1999 to join Prebon Marshall Yamane, where he was responsible for new product development, but rejoined GFI in March this year.

Details of the joint venture have not yet been released, but the derivatives are reported to be based predominantly on indexes from the Investment Property Databank. CBRE will market them to its property investment clients worldwide, while GFI will execute the trades via a desk at CBRE's London office.