Xignite Enhances Popular Interbanks and Rates APIs In Preparation for LIBOR Rates Transition Adds Four Alternative Risk Free Rates (RFRs)
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SAN MATEO, Calif., June 9, 2021 /PRNewswire/ Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today it has enhanced the data coverage for its interbanks and interest rates APIs in preparation for the required transition from the London Interbank Offered Rate (LIBOR) benchmark interest rate at the end of 2021.
Xignite Adds Alternative Risk Free Rates in Preparation for LIBRO Transition
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 But after the 2008 financial crisis the U.S. Federal Reserve recommended a new benchmark interest rate to replace the outdated and p
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A Commodity Futures Trading Commission (CFTC) subcommittee recommended as a “market best practice” that interdealer brokers switch trading of linear interest rate swaps from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) beginning July 26.
The recommendation by the CFTC’s Interest Rate Benchmark Reform Subcommittee is aimed at speeding the adoption of SOFR, which has yet to gain widespread acceptance as a replacement for LIBOR, the reference rate for trillions of dollars in business loans, derivatives and other financial contracts worldwide. U.S. regulators have called on banks to stop using LIBOR in new contracts by the end of this year.
Two SSA borrowers sold dollar paper on Thursday. Council of Europe Development Bank achieving the tightest spread to mid-swaps from a public sector borrower this year, breaking a record equalled earlier this week by Asian Development Bank. At the other end of the curve, Inter-American Development Bank made its debut at the 10 year maturity with a deal linked to the Secured Overnight Financing Rate (Sofr).
It was previously reported that there were significant repurchase agreement (repo) disruptions with consequent disruptions in the Secured Overnight Financing Rate (SOFR). .
Permitting mortgage loans originators (MLOs) and employees of other nonbank licensees to work from home without obtaining a branch license for their residence.