American Financial Exchange (AFX) Announces Deere as First Corporation to Join Exchange

CHICAGO, Dec. 19, 2018 /PRNewswire/ -- American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced today that Deere & Company has joined the Exchange, the first corporation to do so.

AFX facilitates the determination of Ameribor^®, a transaction-based interest rate benchmark for financial institutions via its electronic trading platform. The rate is calculated as the weighted average daily volume in the AFX overnight unsecured loan market. The rate is denoted as a 360-day annualized percentage rate up to the fifth decimal.

AFX has transacted more than $275 billion cumulatively since it opened in December 2015. AFX's 114 members have a presence in 49 states. Current active AFX markets are overnight unsecured loans, 7-day secured loans, a deposits product, and a correspondent loan market.

Dr. Richard Sandor, founder and CEO of the AFX said, "We are proud and honored to announce Deere as an AFX member. John Deere is an iconic name in US manufacturing that is recognized both for developing high tech solutions for all of its equipment customers worldwide and for maintaining a deep and strong connection to American agriculture. Deere shares a common set of values and customers with many of our banking sector members. This is an important step to ensuing the Ameribor rate becomes widely used among a broad base of corporate America."

The American Financial Exchange (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 also facilitates the determination of a market-based interest rate benchmark for US financial institutions called Ameribor^®. For additional information on AFX and Ameribor^®, visit and .

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SOURCE American Financial Exchange