The American Financial Exchange (AFX), electronic exchange for direct interbank lending and borrowing for American financial institutions, announced a record volume trading day on Tuesday, September 17. A record $2.637 billion were traded across all AFX products, surpassing the previous record of $2.522 billion traded on April 15, 2019. This marks a 5 percent increase from the previous record.
The AFX facilitates the determination of AMERIBOR, a transaction-based interest rate benchmark for regional, community and mid-sized banks via its electronic trading platform. Since the start of the AFX and the AMERIBOR benchmark, more than $500 billion in value has been transacted. Average daily volume in August was $2 billion and surpasses previous levels on a regular basis.
“We are pleased that our volume continues to grow, but more importantly, that we provide a platform that offers stability to market pricing,” said Dr. Richard L. Sandor, Chairman and CEO of AFX. “By using the AMERIBOR benchmark to price their loans, banks are able to more efficiently serve their customers.”
Currently the AFX has 159 members across the U.S., which includes 130 banks and approximately 1000 correspondent banks. In addition, membership includes 29 non-banks, which is comprised of broker- dealers, private equity firms, business development corporations, hedge funds, futures commission merchants, insurance companies, asset managers and finance companies.
For more information about AFX or AMERIBOR, visit www.ameribor.net.
