Icap, the London-based interdealer broker, is expanding Icap Information, its information services division, by launching a new repo or repurchase agreement index.

The new index, to be called i-Repo, will be based on Icap's actual trade data from the short end of the repo market. The broker, which has a strong position in the interdealer repo markets, is hoping it will become a benchmark reference rate for valuation purposes.