Paul Ogden, one of the best know property derivatives brokers, is joining Bank of America in August as a sign of growing interest in the market.

Ogden, who is head of property derivatives at the joint venture between CB Richard Ellis and GFI Group, the derivatives broker, will become Bank of America’s head of market development for structured securities. He will report to Marcus Wolfensberger, managing director of Bank of America's structured securities group.

Andrew Jeyarajah last month joined French bank BNP Paribas as a property derivatives structurer from broker DTZ Tullet Prebon. He reports to Kara Lemant, European head of interest rate and foreign exchange structuring.

The property derivatives market is developing quickly. Experts believe the size of the global market could hit $40bn (£20bn) this year. Data from ABN Amro shows that the UK will account for around three-quarters of all expected business in 2007. A further $2bn (£1bn) is expected from both the US and Asia.

Continental Europe, especially France, is considered to have the greatest short-term potential, predicted to expand to $5bn (£2.5bn) by the end of 2007 from barely anything last year