For more than 40 years, LIBOR has been the world's most widely used benchmark for setting the interest rates charged on adjustable-rate loans, mortgages, and derivatives. But that reign has ended and beginning this year, LIBOR is no longer being used to issue new loans in the U.S. The LIBOR benchmark has transitioned to transaction-based rates such as Secured Overnight Funding Rate (SOFR), which is based on overnight transactions secured by the US Treasury securities and represents a risk-free interest rate, and the Sterling Overnight Index Average (SONIA).
For customers building mortgage lending, real estate, or loan pricing apps that require real-time and historical interbank and deposit rates for currencies in multiple countries, Xignite offers two APIs that provide Interbank and interest rates data. We recently added SOFR and essential alternative overnight risk-free rates (RFRs) to these APIs, and now have further enhanced our data coverage with the addition of six reference rates. All new rates are available now at no additional cost to customers.
READ RECENT POST: Xignite Enhances Popular Interbank and Rates APIs In Preparation for LIBOR Rates Transition
The recently added reference rates include:
- APOR - Average Prime Offer Rate (T+1)
- HONIA - Hong Kong Dollar Overnight Index Average (Updated Monthly)
- RBC Royal Bank US Base/RBC Royal Bank Prime (Canadian Base Rate) (T+1)
- SORA - Singapore Overnight Rate Average (T+0)
- SELIC - Brazilian Federal Funds Rate (T+0)
- SWESTR - Swedish krona Short Term Rate (T+0)
- AONIA - AUD Interbank Overnight Cash Rate (T+1)
The new alternative overnight risk-free rates (RFRs) include:
- Europe: Euro Short-Term Rate (ESTR) (T+1)
- Switzerland: Swiss Reference Rates (SARON) (T+1)
- United Kingdom: Sterling Overnight Index Average (SONIA) (T+2)
- Japan: Tokyo Overnight Average Rate (TONAR) (T+1)
Xignite APIs are cloud-native and offer a robust selection of use-case-based endpoints. Customers can access the new rates via these endpoints.
- GetLatestRate returns the most current value for an interest rate.
- GetRate returns interest rates for a specific date.
- GetRateAsOfTime returns the most current rate as of a specific time.
- GetTodaysRate returns the end-of-day interest rate for today.
- GetAverageRate returns an average interest rate for a specific date and period.
- GetAverageRates returns a range of average interest rates for a period and average period.
- GetRateMovingAverage returns a moving average of interest rates for a period and average period.
- GetHistoricalRates returns a range of interest rates for a period type.
- DrawRateChart draws a standard chart based on historical pricing information for a rate and a specific date range.
- DrawRateChartCustom draws a custom chart based on historical pricing information for a rate and a specific date range.
- DrawRateChartPreset draws a preset rate chart based on a specific date range.
- GetRateDescription returns information about an interest rate.
If you are interested in learning more about our interbank and rates APIs, please contact firstname.lastname@example.org