A new API named the CME Cross Currency API has been introduced to enhance the existing data services available through an international derivatives marketplace. This API serves as a REST interface that allows users to access information pertaining to the EUR/USD Cross Currency Basis Index. This particular index is instrumental in measuring deviations in basis points from the covered interest rate parity, which in turn influences the implied forward foreign exchange prices.
The CME Cross Currency API operates continuously, offering access to clients around the clock, every day of the week. Users are encouraged to rely on the integrity of the data it provides, as it is designed to reflect the accuracy of information at the precise moment a request is made.
To keep users informed, the latest index rates via this API will typically be published and made accessible around 3:10 PM UTC every weekday, barring any exceptions dictated by the associated holiday calendar. Once the data is released, it is expected to be available through the REST API within roughly five seconds.
Overall, this launch signifies a strategic enhancement aimed at improving access to critical currency data for users in the financial markets. The availability of such APIs greatly assists in streamlining financial analytics and trading strategies, underscoring a commitment to supporting market participants with timely and precise market insights.