American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced that the AFX’s AMERIBOR® Term-30 — the AFX forward-looking term rate — has been independently reviewed as of April 15, 2021 and has been affirmed to comply with all nineteen (19) principles set forth by the International Organization of Securities Commission (IOSCO) for Financial Benchmarks.
We look forward to working with many thousands of our borrowing clients to smoothly transition to the use of AMERIBOR® as a reference rate in their borrowing agreements https://t.co/zgOQVYr8r7
— The American Financial Exchange (AFX) (@the_afx) April 15, 2021
“In addition to the AFX Benchmark, our AMERIBOR® Term-30 forward looking rate has been affirmed to comply with IOSCO’s nineteen principles for financial benchmarks marking another major milestone for AMERIBOR®,” said AFX Chairman and CEO Richard Sandor.
“This affirmation enables a broader range of American banks and financial institutions to feel confident that a transparent, market-based solution is available. And as the use of AMERIBOR® reference benchmark interest rate for variable rate corporate debt, bonds and interest rate derivatives such as swaps, continues to grow, the introduction and approval of AMERIBOR® Term-30 is vital.
Source: AFX
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