BanxQuote
Encyclopedia
BanxQuote is a bank rate website and consumer banking marketplace featuring dynamically updated daily market rates on banking, mortgage and loan products, connecting consumers (the buyers) with financial institutions (the sellers) throughout the United States.
It features rates on money market accounts, savings and jumbo certificate of deposit
(CDs), mortgage loan
s, home equity and auto loans for various terms and amounts.
BanxQuote also provides proprietary state-by-state, regional, and national composite benchmarks for its various banking and lending products. Clients of the firm have included hundreds of bank
s and financial institutions nationwide.
s since 1995 under the screen name "BANX." The BLOOMBERG PROFESSIONAL community now comprises approximately 250,000 subscribers worldwide.
The BanxQuote Conforming-Jumbo Mortgage Index(tm) is typically used to analyze the historical spread between national average conforming and jumbo mortgage rates.
BanxQuote licenses its registered trademark, proprietary indices, data, analytical tools, and financial applications to third parties, such as the examples outlined below.
BanxQuote has also received frequent press coverage by numerous other news organizations throughout the U.S., including the following:
Associated Press, U.S. News & World Report, Forbes, Fortune, American Banker, Chicago Sun-Times, The Washington Post, Tribune Business News, Seattle Post-Intelligencer, Houston Chronicle, Dallas Morning News, The Boston Globe, St. Louis Post-Dispatch, South Florida Sun-Sentinel, Kansas City Star, St. Petersburg Times, Denver Rocky Mountain News, The Milwaukee Journal Sentinel, The Journal Record, The Record (Bergen County, NJ), Kiplinger's Personal Finance Magazine, Oakland Tribune, The Salt Lake Tribune, El Diario/La Prensa, The Boston Herald, Los Angeles Business Journal, Buffalo News (Buffalo, NY), Portland Press, Herald (Maine), and the Colorado Springs Gazette Telegraph.
legal proceedings against its competitor Bankrate
.
In 2010, BanxCorp began antitrust
legal proceedings against Dow Jones & Company Inc. and Fox News Network LLC - both subsidiaries of the News Corp. (NYSE: NWS); The New York Times Company
(NYSE: NYT); CNBC
Inc. - a unit of General Electric
's (NYSE: GE) NBC
Universal; CNN
Cable News Network Inc. - a unit of Time Warner
Inc. (NYSE: TWX); MSNBC
Interactive News LLC - a joint venture of Microsoft
Corp. (NASDAQ: MSFT) and NBC Universal; AOL
Inc. (NYSE: AOL); LendingTree
LLC - a subsidiary of Tree.com Inc. (Nasdaq: TREE); and Move, Inc. (Nasdaq: MOVE) operator of Realtor.com, the official website of the National Association of Realtors.
History and Activities
BanxQuote was established by its parent BanxCorp in 1984, and its Internet operations were launched at a BanxQuote National Banking Conference held at Salomon Brothers in New York, on April 7, 1995..It features rates on money market accounts, savings and jumbo certificate of deposit
Certificate of deposit
A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....
(CDs), mortgage loan
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
s, home equity and auto loans for various terms and amounts.
BanxQuote also provides proprietary state-by-state, regional, and national composite benchmarks for its various banking and lending products. Clients of the firm have included hundreds of bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s and financial institutions nationwide.
Purpose of Bank Rate Websites
Bank rate websites such as BanxQuote provide greater efficiency and transparency to the market by reducing the time and effort required by in-market consumers across the country who would otherwise need to regularly call and check numerous banking and mortgage service centers and websites for interest rate quotes and updates, creating a centralized gateway for easy side-by-side review and comparison, as well as a centralized transaction facility.BanxQuote on Bloomberg Terminal
BanxQuote current and historical proprietary data, indices, charts and analytical tools are available on Bloomberg TerminalBloomberg Terminal
The Bloomberg Terminal is a computer system provided by Bloomberg L.P. that enables financial professionals to access the Bloomberg Professional service through which users can monitor and analyze real-time financial market data movements and place trades on the electronic trading platform...
s since 1995 under the screen name "BANX." The BLOOMBERG PROFESSIONAL community now comprises approximately 250,000 subscribers worldwide.
The BanxQuote Index, Trademark and Performance benchmarks
The Dow Jones Barron's Dictionary of Banking Terms defines the BanxQuote Money Market Index(tm) as an "Index of rates paid by investors on negotiable certificates of deposit and high yield savings accounts, compiled weekly by BanxCorp. The index offers a side-by-side comparison of rates paid by selected banks and savings institutions on small-denomination (under $10,000) savings accounts."The BanxQuote Conforming-Jumbo Mortgage Index(tm) is typically used to analyze the historical spread between national average conforming and jumbo mortgage rates.
BanxQuote licenses its registered trademark, proprietary indices, data, analytical tools, and financial applications to third parties, such as the examples outlined below.
Case studies
- AAA (American Automobile Association) Money Markets & CDs
- General Electric Capital Corp. - GE Interest Plus
- Ford Interest Advantage Notes issued by Ford Motor Credit Company
- Bloomberg Professional terminals worldwide
- UBS, one of the world's leading financial institutions
- Discover Bank, part of Discover Financial Services
- Countrywide Bank
- MetLife Bank, a subsidiary of MetLife, Inc.
- Capital One Direct Banking
- Charles Schwab & Co.
- Zions Bank
Use by Government, Policy Makers, GSEs, Non-Profits and Economists
BanxQuote data are cited by various government agencies, policy makers, [GSEs], Non-Profit and Religious Organizations, and economists, such as outlined below.U.S. Government Agencies
- The White House Council of Economic AdvisersCouncil of Economic AdvisersThe Council of Economic Advisers is an agency within the Executive Office of the President that advises the President of the United States on economic policy...
- U.S. Senate Committee on Banking, Housing, and Urban Affairs
- U.S. Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- William Poole (Federal Reserve Bank president)William Poole (Federal Reserve Bank president)William Poole was the eleventh chief executive of the Federal Reserve Bank of St. Louis. He took office on March 23, 1998 and began serving his full term on March 1, 2001. In 2007, he served as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy...
, Federal Reserve Bank of St. Louis - Government Finance Officers Association
- Office of Federal Housing Enterprise OversightOffice of Federal Housing Enterprise OversightThe Office of Federal Housing Enterprise Oversight was an agency within the Department of Housing and Urban Development. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association and the...
(OFHEO) - Office of Thrift Supervision (OTS) - Selected Asset and Liability Price Tables; As of June 30, 2007
Government Sponsored Enterprises (GSEs)
- The Role of Freddie Mac, the Federal Home Loan Mortgage Corporation
- Freddie Mac Provides Stability to the Mortgage Market.
- Wharton Financial Institutions Center, Working Paper: Measuring the Benefits of Fannie Mae and Freddie Mac to Consumers
Foundations, Non-Profit, Judiciary & Religious Organizations
- F.B. Heron Foundation The Foundation has established performance benchmarks for each asset class in its mission-related portfolio. The benchmark for deposits is the national average for two-year jumbo deposits as reported by BanxQuote.
- Michigan Court, Michigan Judicial Institute - CitiStreet Investing Webcast
- Diocese of Monterey, California In 2007, the bishop of Monterey established a policy that all funds of the Monterey diocese deposited in its Cash Management and Deposit and Loan programs would earn a rate tied to the BanxQuote Money Market Rate.
Press Coverage & Syndication
BanxQuote has been quoted and its data has been syndicated by leading print and online media, such as the following:- Bloomberg News
- Business Week - Current Figures of the Week
- The Wall Street Journal - BanxQuote Money Markets Table (1985–2002)
- WSJ.com BanxQuote Banking Center (1995–2002)
- The New York Times BanxQuote Banking Center (1996–2002)
- The Washington Post BanxQuote Banking Center (1996–1999)
- Business Week BanxQuote Banking Center (1997–1999)
BanxQuote has also received frequent press coverage by numerous other news organizations throughout the U.S., including the following:
Associated Press, U.S. News & World Report, Forbes, Fortune, American Banker, Chicago Sun-Times, The Washington Post, Tribune Business News, Seattle Post-Intelligencer, Houston Chronicle, Dallas Morning News, The Boston Globe, St. Louis Post-Dispatch, South Florida Sun-Sentinel, Kansas City Star, St. Petersburg Times, Denver Rocky Mountain News, The Milwaukee Journal Sentinel, The Journal Record, The Record (Bergen County, NJ), Kiplinger's Personal Finance Magazine, Oakland Tribune, The Salt Lake Tribune, El Diario/La Prensa, The Boston Herald, Los Angeles Business Journal, Buffalo News (Buffalo, NY), Portland Press, Herald (Maine), and the Colorado Springs Gazette Telegraph.
Legal proceedings
In 2007, BanxCorp began antitrustAntitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
legal proceedings against its competitor Bankrate
Bankrate
Bankrate, Inc. is a consumer financial services company based in North Palm Beach, Florida, in the United States. Bankrate.com, perhaps its best known brand, is a personal finance website.-History:...
.
In 2010, BanxCorp began antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
legal proceedings against Dow Jones & Company Inc. and Fox News Network LLC - both subsidiaries of the News Corp. (NYSE: NWS); The New York Times Company
The New York Times Company
The New York Times Company is an American media company best known as the publisher of its namesake, The New York Times. Arthur Ochs Sulzberger, Jr. has served as Chairman of the Board since 1997. It is headquartered in Midtown Manhattan, New York City....
(NYSE: NYT); CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
Inc. - a unit of General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
's (NYSE: GE) NBC
NBC
The National Broadcasting Company is an American commercial broadcasting television network and former radio network headquartered in the GE Building in New York City's Rockefeller Center with additional major offices near Los Angeles and in Chicago...
Universal; CNN
CNN
Cable News Network is a U.S. cable news channel founded in 1980 by Ted Turner. Upon its launch, CNN was the first channel to provide 24-hour television news coverage, and the first all-news television channel in the United States...
Cable News Network Inc. - a unit of Time Warner
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...
Inc. (NYSE: TWX); MSNBC
MSNBC
MSNBC is a cable news channel based in the United States available in the US, Germany , South Africa, the Middle East and Canada...
Interactive News LLC - a joint venture of Microsoft
Microsoft
Microsoft Corporation is an American public multinational corporation headquartered in Redmond, Washington, USA that develops, manufactures, licenses, and supports a wide range of products and services predominantly related to computing through its various product divisions...
Corp. (NASDAQ: MSFT) and NBC Universal; AOL
AOL
AOL Inc. is an American global Internet services and media company. AOL is headquartered at 770 Broadway in New York. Founded in 1983 as Control Video Corporation, it has franchised its services to companies in several nations around the world or set up international versions of its services...
Inc. (NYSE: AOL); LendingTree
LendingTree
LendingTree is an online lending exchange. LendingTree is a web-based company that operates an online lending marketplace that facilitates matching borrowers and lenders...
LLC - a subsidiary of Tree.com Inc. (Nasdaq: TREE); and Move, Inc. (Nasdaq: MOVE) operator of Realtor.com, the official website of the National Association of Realtors.