Xignite’s banking, and Fintech customers that build apps for capital markets, investment management, financing, and foreign currency exchange, require interbank and interest rates data to manage exchange and interest rate risk.

Used in financial products such as adjustable-rate mortgages, consumer loans, credit cards and derivatives, LIBOR has been the world's most widely used benchmark for short-term rates. But after the 2008 financial crisis the U.S. Federal Reserve recommended a new benchmark interest rate to replace the outdated and problematic LIBOR. In the U.S market the new benchmark is Secured Overnight Funding Rate (SOFR), which is based on transactions in the U.S. Treasury repurchase, or repo, market, where banks and investors borrow or lend Treasuries overnight. Other countries are introducing their own local-currency-denominated alternative reference rates for short-term lending.

To help our banking, and Fintech customers that build apps for capital markets, investment management, financing and foreign currency exchange purposes prepare for the transition away from the LIBOR benchmark at the end of 2021 we added Secured Overnight Funding Rate (SOFR) earlier this year and now have further enhanced the data coverage for our interbanks and interest rates APIs - adding four alternative overnight risk-free rates (RFRs). The new alternative T+1 (24hr+ delayed) rates are available now at no additional cost to customers. These include:

•           Europe: Euro Short-Term Rate (ESTR) is an interest rate benchmark that reflects the overnight borrowing costs of banks within the eurozone. The rate is calculated and published by the European Central Bank.
•         Switzerland: Swiss Reference Rates (SARON) represents the overnight interest rate of the secured money market for Swiss francs (CHF). The rate is calculated and published by SIX.
•         United Kingdom: Sterling Overnight Index Average (SONIA) is the effective overnight interest rate paid by banks for unsecured transactions in the British sterling.
•         Japan: Tokyo Overnight Average Rate (TONAR) is an unsecured interbank overnight interest rate and reference rate for Japanese yen. The rate is calculated and published by the Bank of Japan.

Xignite’s Interbanks API offers real-time and historical interbank and deposit rates for currencies in 40 countries. Xignite’s Interest Rates API provides interest rate data for over 600 global treasury, money market and private capital market instruments and benchmarks. The new alternative rates include:

Xignite APIs are cloud-native and offer a robust selection of use-case-based endpoints. The new alternative rates can be accessed via these endpoints.

XigniteInterbanks API

•       GetHistoricalRates returns a range of interest rates for a period.
•       GetRate returns an interest rates for a specific date.
•       GetTodaysRate returns the end-of-day interest rate for today.
•       DrawRateChart draws a standard chart based on historical pricing information.
•       DrawRateChartCustom draws a custom chart based on historical pricing information.
•       DrawRateChartPreset draws a preset rate chart based on a specific date range.
•       GetRateDescription returns information about an interest rate.

XigniteRates API

•       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 interbanks and rates APIs, please contact sales@xignite.com