BanxQuote

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BanxQuote
Private
Industry Banking
Financial Services
Founded New York, New York (1984)
Headquarters White Plains, New York, USA
Key people
Norbert Mehl, Founder & CEO
Products Banking and Loan Rates
Website www.banxquote.com

BanxQuote is the foremost provider and licensor of indexes and analytics used as a barometer of the U.S. banking and mortgage markets. Its bank rate website and consumer banking marketplace features dynamically updated daily market rates on banking, mortgage and loan products throughout the United States.

History and Activities[edit]

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.[1]

It features rates on money market accounts, savings and jumbo certificate of deposit (CDs), mortgage loans, 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 banks and financial institutions nationwide. In 1985, The Wall Street Journal started featuring BanxQuote for 17 consecutive years.

BanxQuote on Bloomberg Terminal[edit]

BanxQuote current and historical proprietary data, indices, charts and analytical tools are available on Bloomberg Terminals since 1995, reaching over 250,000 financial market professionals worldwide.

The BanxQuote Index, Trademark and Performance benchmarks[edit]

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." [2]

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.

Case studies[edit]

  • AAA (American Automobile Association) Money Markets & CDs [3]
  • General Electric Capital Corp. - GE Interest Plus [4]
  • Ford Interest Advantage Notes issued by Ford Motor Credit Company [5]
  • Bloomberg Professional terminals worldwide
  • UBS, one of the world's leading financial institutions [6]
  • Discover Bank, part of Discover Financial Services [7]
  • Countrywide Bank [8]
  • MetLife Bank, a subsidiary of MetLife, Inc.[9]
  • Capital One Direct Banking [10]
  • Charles Schwab & Co.[11]
  • Zions Bank [12]

Use by Government, Policy Makers, GSEs, Non-Profits and Economists[edit]

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[edit]

Government Sponsored Enterprises (GSEs)[edit]

  • The Role of Freddie Mac, the Federal Home Loan Mortgage Corporation [19]
  • Freddie Mac Provides Stability to the Mortgage Market.[20]
  • Wharton Financial Institutions Center, Working Paper: Measuring the Benefits of Fannie Mae and Freddie Mac to Consumers [21]

Foundations, Non-Profit, Judiciary & Religious Organizations[edit]

  • F.B. Heron Foundation [22] 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 [23]
  • Diocese of Monterey, California [24] 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[edit]

BanxQuote has been quoted and its data has been syndicated by leading print and online media, such as the following:

  • Bloomberg News [25]
  • Business Week - Current Figures of the Week [26]
  • The Wall Street Journal - BanxQuote Money Markets Table (1985–2002) [27]
  • WSJ.com BanxQuote Banking Center (1995–2002) [28]
  • The New York Times BanxQuote Banking Center (1996–2002) [29]
  • The Washington Post BanxQuote Banking Center (1996–1999) [30]
  • Business Week BanxQuote Banking Center (1997–1999) [31]

BanxQuote has also received frequent press coverage by numerous other news organizations throughout the U.S.,[32] 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.

References[edit]

  1. ^ Launch of BanxQuote.com; 1995 BanxQuote National Banking Conference at Salomon Brothers
  2. ^ BanxQuote Money Markets Index as defined by Barron's
  3. ^ "AAA Money Markets & CDs by Discover Bank". On January 1, 2008 AAA launched a High-Yield Savings Program with Discover Bank aimed at its nearly 51 million members, using the BanxQuote Index as a performance benchmark. 
  4. ^ "GE Interest Plus uses BanxQuote Index as a performance benchmark.". 
  5. ^ "Ford Interest Advantageises BanxQuote data asa benchmark". 
  6. ^ UBS.com CD Rate Comparison Tool Powered by BanxQuote
  7. ^ Discover Bank uses BanxQuote Index as a performance benchmark.
  8. ^ Countrywide Bank Launches Online SavingsLink Account; BanxQuote Index used as benchmark
  9. ^ MetLife Bank - National Average APY information is provided by Banxquote.com
  10. ^ Capital One uses BanxQuote National Average APYs as a performance benchmark
  11. ^ Charles Schwab - Market Rate Report, CD rates provided by BanxQuote
  12. ^ Zions Bank uses BanxQuote Index as a performance benchmark.
  13. ^ U.S. Senate Committee on Banking, Housing, and Urban Affairs, testimony cites BanxQuote
  14. ^ U.S. Department of the Treasury, May 2, 2008, The Administration's Housing Presentation, pg 7, BanxQuote Mortgage Rate Spreads
  15. ^ FDIC Quarterly Outlook Chart - Average Yields by BanxQuote
  16. ^ Federal Reserve Bank of St. Louis Review; Mar 1, 1999; Monetary policy rules? by William Poole, President
  17. ^ Government Finance Review; Dec 1, 1996; Using the Internet to assist investment decisions, by Paul Zorn
  18. ^ OTS Price Tables, pg. 31 based on data from BanxQuote
  19. ^ Why Freddie Mac is Still Needed (Source of Conforming-Jumbo Mortgage Spread: BanxQuote
  20. ^ How Freddie Mac Provides Stability to the Mortgage Market (Source of Conforming-Jumbo Mortgage Spread: BanxQuote
  21. ^ Wharton Financial Institutions Center Working Paper, Jumbo-Conforming Mortgage Spread based on BanxQuote data
  22. ^ F.B. Heron Foundation - Use of BanxQuote Performance Benchmark for Mission-Related Portfolio
  23. ^ Michigan Court, Michigan Judicial Institute - Summer 2007 CitiStreet Investing Webcast, pg 3, BanxQuote Avg. Returns
  24. ^ Diocese of Monterey 2007 Cash Management and Deposit and Loan programs tied to BanxQuote Money Market Rate
  25. ^ Bloomberg News, 9/04/07 Article cites BanxQuote
  26. ^ Business Week - Current Figures of the Week featuring BanQuote Key Mortgage Rates
  27. ^ The Wall Street Journal, BanxQuote weekly table and reference
  28. ^ WSJ.com BanxQuote Banking Center
  29. ^ The New York Times BanxQuote Banking Center
  30. ^ Washington Post BanxQuote Banking Center
  31. ^ Business Week BanxQuote Banking Center
  32. ^ BanxQuote Nationwide Press Coverage

External links[edit]