BanxQuote: Difference between revisions
m →Legal proceedings: removed outdated ticker symbol, fixed internal link, added internal link |
|||
| Line 116: | Line 116: | ||
}}</ref> |
}}</ref> |
||
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 |
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 (company)|Move Inc.]] operator of [[Realtor.com]].<ref>{{Cite press release |
||
|url=http://www.forbes.com/feeds/prnewswire/2010/06/03/prnewswire201006030921PR_NEWS_USPR_____NY15012.html |
|url=http://www.forbes.com/feeds/prnewswire/2010/06/03/prnewswire201006030921PR_NEWS_USPR_____NY15012.html |
||
|title=Antitrust Complaint Filed Against Dow Jones & Co., The New York Times and Other Media Giants |
|title=Antitrust Complaint Filed Against Dow Jones & Co., The New York Times and Other Media Giants |
||
Revision as of 22:01, 9 February 2015
 | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
|
 | |
| Company type | Private |
|---|---|
| Industry | Banking Financial Services |
| Founded | New York, New York (1984) |
| Headquarters | White Plains, New York, USA |
Key people | Norbert Mehl, Founder & CEO |
| Products | Money Market Certificate of Deposit Mortgage loan home equity loan Auto Loan Rates |
| Website | www.banxquote.com |
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.
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.[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.
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 Terminals 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." [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, such as the examples outlined below.
Case studies
- 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
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 Advisers
- U.S. Senate Committee on Banking, Housing, and Urban Affairs [13]
- U.S. Department of the Treasury [14]
- Federal Deposit Insurance Corporation (FDIC) [15]
- William Poole (Federal Reserve Bank president), Federal Reserve Bank of St. Louis [16]
- Government Finance Officers Association [17]
- Office of Federal Housing Enterprise Oversight (OFHEO)
- Office of Thrift Supervision (OTS) - Selected Asset and Liability Price Tables; As of June 30, 2007 [18]
Government Sponsored Enterprises (GSEs)
- 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
- 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
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.
Legal proceedings
In 2007, BanxCorp began antitrust legal proceedings against its competitor Bankrate.[33]
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. operator of Realtor.com.[34][35]
References
- ^ Launch of BanxQuote.com; 1995 BanxQuote National Banking Conference at Salomon Brothers
- ^ BanxQuote Money Markets Index as defined by Barron's
- ^ "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.
- ^ "GE Interest Plus uses BanxQuote Index as a performance benchmark".
- ^ "Ford Interest Advantageises BanxQuote data asa benchmark".
- ^ UBS.com CD Rate Comparison Tool Powered by BanxQuote
- ^ Discover Bank uses BanxQuote Index as a performance benchmark.
- ^ Countrywide Bank Launches Online SavingsLink Account; BanxQuote Index used as benchmark
- ^ MetLife Bank - National Average APY information is provided by Banxquote.com
- ^ Capital One uses BanxQuote National Average APYs as a performance benchmark
- ^ Charles Schwab - Market Rate Report, CD rates provided by BanxQuote
- ^ Zions Bank uses BanxQuote Index as a performance benchmark.
- ^ U.S. Senate Committee on Banking, Housing, and Urban Affairs, testimony cites BanxQuote
- ^ U.S. Department of the Treasury, May 2, 2008, The Administration's Housing Presentation, pg 7, BanxQuote Mortgage Rate Spreads
- ^ FDIC Quarterly Outlook Chart - Average Yields by BanxQuote
- ^ Federal Reserve Bank of St. Louis Review; Mar 1, 1999; Monetary policy rules? by William Poole, President
- ^ Government Finance Review; Dec 1, 1996; Using the Internet to assist investment decisions, by Paul Zorn
- ^ OTS Price Tables, pg. 31 based on data from BanxQuote
- ^ Why Freddie Mac is Still Needed (Source of Conforming-Jumbo Mortgage Spread: BanxQuote
- ^ How Freddie Mac Provides Stability to the Mortgage Market (Source of Conforming-Jumbo Mortgage Spread: BanxQuote
- ^ Wharton Financial Institutions Center Working Paper, Jumbo-Conforming Mortgage Spread based on BanxQuote data
- ^ F.B. Heron Foundation - Use of BanxQuote Performance Benchmark for Mission-Related Portfolio
- ^ Michigan Court, Michigan Judicial Institute - Summer 2007 CitiStreet Investing Webcast, pg 3, BanxQuote Avg. Returns
- ^ Diocese of Monterey 2007 Cash Management and Deposit and Loan programs tied to BanxQuote Money Market Rate
- ^ Bloomberg News, 9/04/07 Article cites BanxQuote
- ^ Business Week - Current Figures of the Week featuring BanQuote Key Mortgage Rates
- ^ The Wall Street Journal, BanxQuote weekly table and reference
- ^ WSJ.com BanxQuote Banking Center
- ^ The New York Times BanxQuote Banking Center
- ^ Washington Post BanxQuote Banking Center
- ^ Business Week BanxQuote Banking Center
- ^ BanxQuote Nationwide Press Coverage
- ^ "Federal Antitrust Complaint Filed Against Bankrate" (Press release). PRNewswire via Bloomberg. August 2, 2007. Retrieved 2008-11-29.
In particular, the complaint alleges that Bankrate has engaged in predatory pricing, vendor lock-in, exclusive dealing and other exclusionary product and distribution bundling and tie-in arrangements.
- ^ "Antitrust Complaint Filed Against Dow Jones & Co., The New York Times and Other Media Giants" (Press release). forbes.com. June 3, 2010. Retrieved 2010-06-22.
A federal antitrust complaint was filed against nine firms including Dow Jones & Co., The New York Times, CNBC, CNN, MSNBC and others, for engaging in unlawful per se horizontal market division, customer allocation, and price fixing agreements with competitors in the market for bank rate websites throughout the United States. ... The case is USDC-DNJ 2:10-cv-02467-SDW-MCA.
- ^ BanxCorp_v_LendingTree_et_al.pdf