DEFINITION of 'BanxQuote Money Markets Index'
A money market index, which can be used as a rate-comparison tool by consumers and financial institutions. BanxQuote provides many kinds of data and tools. The money market index gives national, regional, state and local compendiums of money market rates offered by representative lending institutions. Rates are gathered from commercial banks and savings and loan institutions, as well as local certificates of deposit (CDs).
BREAKING DOWN 'BanxQuote Money Markets Index'
BanxQuotes and similar information aggregators offer a valuable service to consumers by comparing local and national money market and CD rates. It provides benchmarks for both lenders and borrowers alike, and its rates are often quoted in financial media publications.