Pricing and rates
Basis point
One hundredth of a percent. The standard unit for expressing a rate gap unambiguously.
A hundred basis points is one percent. The unit exists to avoid the ambiguity of a phrase like "fees rise by 2%": does that mean going from 1% to 3%, or from 1% to 1.02%? In basis points the question does not arise.
A total gap to mid-market expressed in basis points is directly comparable between providers, whatever the amount. It is the value to keep for comparing two offers, more than the detail of each line.