BanxQuote Money Markets Index
What Is the BanxQuote Money Markets Index?
The BanxQuote Money Markets Index was a index of money market funds, ordered by the financial data firm BanxQuote. BanxQuote left the market in 2015, and the BanxQuote Money Markets Index is not generally distributed.
How the BanxQuote Money Markets Index Works
The BanxQuote Money Markets Index was a data aggregation service that helped investors by citing and looking at the rates offered on both neighborhood and national money market funds. Through the index, lenders and borrowers might benchmark their own products against the more extensive universe of money at any point market products. The BanxQuote Money Markets Index was additionally routinely quoted by journalists in major publications like The Wall Street Journal, The New York Times, the Chicago Tribune, and The Washington Post.
As well as giving data on money market interest rates, the BanxQuote Money Markets Index likewise included instruments that consumers could use to examine and compare the data introduced. Today, there are numerous comparative devices accessible for prospective purchasers and venders of money market funds. Famous models incorporate NerdWallet and Bankrate, which give real-time interest rate data as well as devices like financial number crunchers.
Prior to leaving the market in 2015, BanxQuote — along with its parent company, BanxCorp — were pioneers in dispersing financial data over the Internet. As well as making their data accessible through their website and through journalists, BanxQuote data was likewise accessible to professional traders through the Bloomberg Terminal. BanxCorp likewise assumed a part in meeting public conversations of subjects connected with the financial services industry and new communications technology. In 1995, for example, BanxQuote facilitated the BanxQuote Money Markets and Depository Forum in New York City.
Real-World Example of the BanxQuote Money Markets Index
The principal value proposition of the BanxQuote Money Markets Index was that it would save investors from the time-consuming task of physically contrasting the interest rates and different terms offered by different financial institutions. All things considered, the Index would aggregate money market rates from savings and loan companies, commercial banks, and different lenders all through the United States, giving a single initially figure.
Albeit the BanxQuote Money Markets Index is at this point not in operation, comparative services keep on being offered by other electronic companies. Bankrate, for instance, offers normal ratings and surveys for money market accounts as well as articles and other instructive resources. On account of the developing notoriety of online banking, it has likewise become simpler for consumers to access money market rates straightforwardly from the websites of their financial institutions.
- Today, comparative services are accessible through suppliers like NerdWallet and Bankrate.
- It is as of now not in circulation, since BanxQuote stopped operations in 2015.
- The BanxQuote Money Markets Index was a well known index of money market fund interest rates.