Since February 2009 Eurex, the international derivatives exchange, has listed Property Index Futures. The Future Contract is based upon the IPD UK Annual All Property Index Total Returns - the exchange lists five consecutive annual contracts with pricing based upon a par value of 100 + Expected percentage Total Annual Return in the related calendar year. The contract for the calendar year 2009, which expired in March 2010 (expiry is the last working day in the following March to ensure this is after publication of the IPD data) settled at 103.50, representing a +3.5% annual total return (as published by IPD). Though a nascent market, in 2010 a total of 3,304 contracts traded according to the Eurex website - representing £165m in notional property value.