American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced a record day of trading, with $1.043 billion outstanding across all products. The week of July 23 was also a record week with $4.66 billion traded. AFX facilitates the determination of Ameribor®, a transaction-based interest rate benchmark for financial institutions via its electronic trading platform. AFX has transacted more than $175 billion cumulative since it opened in December 2015.
Since AFX opened in December 2015 exchange membership has grown from 6 to 95 Members. AFX membership as of July 30, 2018 was 81 banks and 14 non-banks representing over $1.25 trillion in assets. AFX has a presence in 49 states, District of Columbia and Puerto Rico. AFX has extended its membership beyond banks to also include broker-dealers, private equity firms, business development corporations (BDCs), hedge funds, futures commission merchants (FCMs), insurance companies, asset managers and finance companies.
Current active AFX markets are overnight unsecured loans, 7-day secured loans, a Deposit product, and a correspondent loan market.
AFX publishes its Ameribor rate on the website www.ameribor.net. Ameribor was originally designed to reflect the borrowing costs of U.S. small- and mid-sized banks but it is now also expanding into larger banks and non-bank financial institutions. The rate is calculated using a 30-day rolling average of the weighted average daily volume in the AFX overnight unsecured market. The rate is denoted as a 360-day annualized percentage rate up to the fifth decimal.
The American Financial Exchange (AFX) is a self-regulated exchange that provides a transparent, centralized and rules-based electronic marketplace for direct lending and borrowing for American financial institutions. AFX will also facilitate the determination of a market-based interest rate benchmark for US financial institutions called Ameribor®. For additional information on AFX and Ameribor®, visitwww.theafex.com and www.ameribor.net.