GFI Group, an interdealer broker, has hired 10 brokers to launch a U.S. interest rate brokering desk in London. Vijay Angelo, previously at Tradition, and Declan Wells, previously at ICAP, will co-head the team. Steve McMillan, head of Europe for GFI in London, said the move is part of the broker's plan to increase its derivatives offering.
GFI already brokers a range of interest rate derivatives, including exotics, from its offices in the U.S. and Asia. The London team will likely expand to cover exotics by year end, according to Angelo.