American Financial Exchange (AFX) Announces American Electric Power as First Electric Utility to Join Exchange

May 12, 2020 – American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced today that American Electric Power (NYSE: AEP), one of the largest energy companies in the United States, has joined the Exchange, the first electric utility to do so.

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 $945 billion in value has been transacted and continues to rise. Average daily volume in April was $2.6 billion and continues to surpass previous levels.

“Many of AFX’s members are in our service territory and the ability to build and strengthen relationships with them is important to us. Choice in benchmarks is good for efficient capital markets, corporations and the people they serve. We’re interested in helping advance AMERIBOR as a benchmark rate,” said Brian X. Tierney, AEP’s Executive Vice President and Chief Financial Officer.

Dr. Richard L. Sandor, founder and CEO of the AFX said, “We are proud and honored to announce American Electric Power as an AFX member. AEP is one of the largest electric companies in the United States and is recognized both for being a leader in areas such as technology and the environment. This is another important step to making the AMERIBOR rate widely available to corporate America.”

For more information about AFX or AMERIBOR, visit www.ameribor.net.

Contact: Laura LaBarbera, AFX (312) 554-4904.

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The American Financial Exchange (AFX) is self-regulated exchange founded in 2015. With more than 185 members across the 50 U.S. states, AFX seeks to offer a suite of innovative products to improve transparency and efficiency in the current interbank loans marketplace. AFX also facilitates the determination of a market-based interest rate benchmark called the American Interbank Offered Rate (AMERIBOR?). AMERIBOR? is an interest rate benchmark that reflects the actual unsecured borrowing costs of more than 1,100 American banks and financial institutions. In addition, AFX’s AMERIBOR is in alignment with all nineteen Principles set forth by the International Organization of Securities Commission (IOSCO) for Financial Benchmarks.