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The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced a monthly volume record of $58.240 billion traded during April across all AFX products. This surpasses a record of $55.829 billion set in March 2020, marking a 4.32 percent increase.
The AFX facilitates the determination of AMERIBOR, a transaction-based interest rate benchmark for banks via its electronic trading platform. Since the start of the AFX and the AMERIBOR benchmark, more than $930 billion in value has been transacted and continues to rise. Average daily volume in April was $2.647 billion and continues to surpass previous levels.
“We are pleased with the continued volume growth of the AMERIBOR cash market and futures complex. Banks and corporations can turn to the AMERIBOR Benchmark for price transparency and low volatility in rates,” said Richard Sandor, AFX Chairman and CEO.
In addition, the AFX recently announced plans by Cboe Futures ExchangeSM (CFE®) to launch futures on the One-Month AMERIBOR. The new futures contract will launch on June 8, 2020. The one-month futures contract will complement CFE’s current AMERIBOR futures complex which includes three-month and seven-day futures contracts.
Currently the AFX has more than 185 members across the U.S. that includes 144 banks and 41 non - banks comprised of insurance companies, broker-dealers, private equity firms, hedge funds, futures commission merchants, and asset managers.
For more information about AFX or AMERIBOR, visit www.ameribor.net.
