The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced a weekly volume record of $15.523 billion for the week of March 16 – 20, traded across all AFX products. This surpasses a previous weekly volume record of $13.017 billion set the week of September 16 – 20, 2019, marking a 19 percent increase from the previous record.
In addition, the AMERIBOR Benchmark set two daily volume records within the week, on March 16 and March 18, when more than $3.195 billion and $3.441 billion were traded, respectively.
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 $850 billion in value has been transacted and continues to rise. Average daily volume in March is $ 3.39 billion and continues to surpass previous levels.
“AFX is functioning in a very reliable manner during this period of liquidity market stress,” said Scott Wallace, Treasurer of charter member Pacific Western Bank. “The AFX overnight clearing rates are indicative of appropriate levels given recent Fed rate easing actions."
Currently the AFX has more than 180 members across the U.S. that includes banks, 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.
