Liffe, the international derivatives exchange, is launching new money market products amid growing concerns over the London Interbank Offered Rate – the benchmark for global borrowing costs – as a reference for future interest rates.

Banks will be able to trade futures contracts linked to the Sterling Overnight Indexed Average, or Sonia, and the Euro Overnight Indexed Average, or Eonia, on the London-based exchange from next month. At present, these products are only offered over-the-counter.