Barclays Capital is expanding its electronic derivatives trading offering, growing its recently established Bloomberg-based swaps platform and launching online base and precious metals trading.

BarCap is set to debut introduce overnight index swap (OIS) trading linked to its Bloomberg page. OISs, which are fixed-for-floating interest rate swaps, with a floating rate leg tied to an index of daily interbank rates, have become increasingly popular short-term hedging and positioning vehicles. The bank will start offering OISs linked to the European overnight index average (Eonia) - the weighted average of interest rates at which unsecured overnight loans are traded in the euro-denominated interbank market.