GFI Group, the interdealer derivatives broker, has formed a joint venture with CB Richard Ellis, the US-based real estate firm, to develop a property derivatives business.

Paul Ogden will run the new venture together with Michael Levi. Ogden joined GFI in March this year from Prebon Yamane, where he was responsible for new product development. Levi, who has been with GFI since 1995, was responsible for establishing GFI's energy and coal derivatives business.