Citi Joins American Financial Exchange

AFX has formed a strategic alliance with Citi in which the Bank will join the American Financial Exchange (AFX). According to a story in MarketsMedia news, Citi will also engage in position hedging using AMERIBOR futures and provide market-making in AMERIBOR interest rate swaps. AFX is an electronic exchange for direct lending and borrowing for American banks and financial institutions. AFX also facilitates the determination of a market-based interest rate benchmark called the American Interbank Offered Rate (AMERIBOR). AMERIBOR has been independently reviewed and reaffirmed to adhere to all nineteen (19) principles set forth by the International Organization of Securities Commission (IOSCO) for Financial Benchmarks.