The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced daily, weekly and monthly record transaction volumes. The exchange had a record day of $1.089 billion on Monday, July 30; $4.983 billion for the week of July 30; and $16.439 billion for the month of July. The volumes are outstanding across all its products. 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 $180 billion cumulative since it opened in December 2015.
Since AFX's premiere, exchange membership has grown from 6 to 96 Members. AFX membership as of July 30, 2018, was 82 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.
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, visit here.