ICE Acquires American Financial Exchange

Intercontinental Exchange (ICE) has acquired the American Financial Exchange electronic exchange for direct lending and borrowing (AFX). The venue operator and technology provider will acquire 100% of the electronic exchange from 7RIDGE. ICE said the acquisition was a natural fit given its developments in the mortgage technology sphere, including the development of its network of mortgage assets for the management of the US mortgage life cycle. This network was created to deliver ICE’s mission to lower mortgage costs for lenders and borrowers through digitizing the mortgage workflow ecosystem. AFX operates the American Interbank Offered Rate (AMERIBOR) which is set daily based on unsecured interbank loans executed on the AFX platform, producing an interest rate which reflects banks’ actual unsecured borrowing costs.