CHICAGO — December 11, 2020 — The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions — and the inventor of AMERIBOR® — will celebrate its 5-year anniversary on December 11, 2020.
“The AFX has reached numerous milestones in the past 5 years, and I want to thank all our supporters who believed in us from the beginning and have watched us grow,” said AFX Chairman, CEO Richard L. Sandor. “We are well-positioned to bring AMERIBOR®— a true, transparent pricing mechanism — more prominently into the spotlight. We are thankful for our past success and look forward to a bright future.”
The following are among the highlights and milestones that have defined and catapulted AFX and AMERIBOR® forward:
➢ Membership growth topping 209 members, comprised of 165 banks and 44 non-banks
➢ Total volume has reached $1.2 trillion since inception
➢ Received recognition from Federal Reserve Chairman Jerome Powell, indicating that AMERIBOR® is a suitable alternative to Libor
➢ Continued Recognition of compliance with all 19 IOSCO certification principles
➢ Featured leaders of the Federal Reserve Board, the FDIC and OCC in AFX-University of Chicago School of Law co-sponsored seminars.
➢ Launched 30-day AMERIBOR® Futures
➢ Announced AFX 30-day indicative forward-rate
➢ Announced the use of AMERIBOR® in pricing loans and deposits
➢ Announced first $375 million debt issuance based on AMERIBOR®
➢ Announced first AMERIBOR® -based Swap trade
➢ Announced Citibank—the first money-center bank—to join AFX
Currently, AFX membership across the U.S. includes 165 banks and 44 non-banks, which is comprised of insurance companies, broker-dealers, private equity firms, hedge funds, futures commission merchants, and asset managers. Total assets of members is approximately $4 trillion.
For more information about AFX or AMERIBOR, visit www.ameribor.net.
Contact: Laura LaBarbera, AFX (312) 554-4904.
The American Financial Exchange (AFX) is self-regulated exchange founded in 2015. With 209 members across the 50 U.S. states, AFX seeks to offer a suite of innovative products to improve transparency and efficiency in the current interbank loans marketplace. AFX also facilitates the determination of a market-based interest rate benchmark called the American Interbank Offered Rate (AMERIBOR®). AMERIBOR® is an interest rate benchmark that reflects the actual unsecured borrowing costs of more than 1,100 American banks and financial institutions. In addition, AFX’s AMERIBOR® is in alignment with all nineteen Principles set forth by the International Organization of Securities Commission (IOSCO) for Financial Benchmarks.