Intercontinental Exchange (ICE) has acquired the American Financial Exchange (AFX) in its entirety.
The electronic exchange, which facilitated direct lending and borrowing for American banks and financial institutions, was previously owned by private markets asset manager 7RIDGE.
AFX operates the American Interbank Offered Rate (AMERIBOR), an interest rate indicating banks’ unsecured borrowing costs. It is set based on unsecured interbank loans executed by a more than 1,000-strong network on the platform.
Christopher Edmonds, president of ICE fixed income and data services, stated: AFX is a natural fit to ICE, complementing our global index business and our best-in-class mortgage technology network.”
ICE has digitised the mortgage workflow ecosystem covering end-to-end asset management through a mortgage asset network. Through this, it aims to lower costs for both lenders and borrowers.
Edmonds continued: “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.”
Carsten Kengeter, 7RIDGE CEO, commented: “We are confident that ICE’s leadership will amplify AFX’s success and its purpose to serve regional and local American banks by creating a transparent, robust and efficient interbank lending ecosystem.”
The acquisition is not expected to have a material impact on ICE’s 2025 financial results or on its deleveraging and capital return plans.
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