Intercontinental Exchange (ICE), a company that designs, builds and operates digital networks, recently purchased American Financial Exchange (AFX), a self-regulated exchange with more than 240 bank and non-bank members across the United States, from 7RIDGE, a private markets asset manager.
“Complementing our leading global index business and our best-in-class mortgage technology network, AFX is a natural fit to ICE,” Christopher Edmonds, ICE Fixed Income and Data Services president, said. “AFX’s focus on regional, midsize, community and minority-owned banks covers many of the same customers ICE serves through our mortgage technology network. We look forward to continuing to serve this important market, delivering innovation and new product development made possible through the addition of AFX to our portfolio.”
Intercontinental Exchange provides financial technology and data services. Its futures, equity, and options exchanges and clearing houses help people invest, raise capital and manage risk.
ICE Mortgage Technology lowers mortgage costs for lenders and borrowers by digitizing the mortgage workflow ecosystem.
American Financial Exchange operates the American Interbank Offered Rate, an interest rate benchmark that reflects the unsecured borrowing costs of more than 1,000 American banks and financial institutions, and offers a suite of products to improve transparency and efficiency in the interbank loans marketplace.