May 26, 2021
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 But after the 2008 financial crisis the U.S. Federal Reserve recommended a new benchmark interest rate to replace the outdated and problematic LIBOR.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:
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.
If you are interested in learning more about our interbanks and rates APIs, please contact firstname.lastname@example.org
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