A substituted paracyclophane is described of formula (I) wherein X.sup.1 and X.sup.2 are linking groups comprising between 2 to 4 carbon atoms, Y.sup.1 and Y.sup.2 are selected from the group consisting of hydrogen, halide, oxygen, nitrogen, alkyl, cycloalkyl, aryl or heteroaryl, Z.sup.1, Z.sup.2 and Z.sup.3 are substituting groups that optionally contain functional groups, a, b, c, d, e and f are 0 or 1 and a+b+c+d+e+f=1 to 6. Preferably X.sup.1 and X.sup.2 are --(C.sub.2H.sub.4)-- and a+b+c+d+e+f=1 or 2. The substituted paracyclophane provides transition metal catalysts that demonstrate high activity and selectivity for asymmetric reactions ##STR00001##