Barclays Capital Signs Licensing Agreement with Radar Logic
New York-based Radar Logic Incorporated said earlier this week that it had signed a license agreement with Barclays Capital, its seventh licensing agreement with major Wall Street firms. These agreements enable the initiation of trading in derivative instruments and financial products based on Radar Logic's Residential Property Index, commonly known as the RPX among mortgage/financial market participants. The RPX enables users to trade residential property prices in 25 MSAs nationwide in addition to a composite index based on those 25 cities, and is commonly used by whole loan traders to hedge loan acquisition risk. "We are very pleased to have Barclays Capital join our existing dealer group as interest and activity in RPX as an asset class continues to grow globally," said Michael Feder, CEO of Radar Logic. Radar Logic uses proprietary modeling techniques to establish per-square-foot prices daily, derived from the actual prices paid for U.S. residential real estate; the daily prices are lagged by 60 days. Investment and derivative opportunities based on these prices, in the RPX, are expected to surpass $2 billion in volume traded by the end of the year, company officials said. For more information, visit http://www.radarlogic.com.