Changes to Underlying Benchmark Interest Rates Meant New Data Points Were Needed

The client: A global real estate investment trust Pain points: As benchmark interest rates transitioned from LIBOR to new rates such as SOFR, SONIA and EONIA, large mortgage lenders had to transition to new benchmarks meaning new interest rate data was required. For mortgage lenders, price liquidity is crucial as this provides them with the confidence that they are achieving best price. We were approached by a client making this transition post LIBOR, they were looking to get hold of data from the deepest liquidity pool they could. Client’s goal: To satisfy this need, we provided access to SOFR rates data, which truly reflected the market. They also wanted to be able to share these rates with their clients transparently to show that the rates being offered were in line with the market - this was not an issue, our team provided access that included the ability to share our data outside of their internal systems and processes. The solution: The client ran a sample of our data through their models to test the outcomes. They very quickly saw that our footprint in the rates markets, across our competing brands, ICAP and Tullett Prebon, gave them a rich view of liquidity that they didn't feel they were going to be able to find elsewhere. In addition, our licensing team made it easy for the client to share the data with their clients, without fear of being in breach of contract.

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