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The American Financial Exchange (AFX), electronic exchange for direct interbank lending and borrowing for American financial institutions, announced a weekly volume record of $13.017 billion for the week of September 16 - 20, traded across all AFX products. This surpasses the previous weekly volume record of $10.82 billion set the week of April 15 - 19, 2019, marking a 20 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 $550 billion in value has been transacted.
“We are pleased that banks and corporations continue to turn to the AMERIBOR Benchmark to lock in a rate with low volatility,” said Dr. Richard L. Sandor, Chairman and CEO of AFX. “It’s clear that using the AMERIBOR Benchmark helps banks serve their customers more efficiently.”
Currently the AFX has 161 members across the U.S., which includes 132 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.
