Barbara G. Novick joins the Board of Directors of the American Financial Exchange (AFX)
CHICAGO, June 2, 2021 / PRNewswire / – The American Financial Exchange (AFX), an electronic direct lending and borrowing exchange for U.S. banks and financial institutions, today announced that Barbara G. novick, co-founder of BlackRock and current senior advisor to the company, will act as an independent director on AFX’s board of directors.
Ms. Novick was co-founder of BlackRock in 1988; she went from vice-president to senior advisor as of February 2021. From the inception of the company in 1988-2008, Ms. Novick led the Global Client Group and oversaw global business development, marketing and customer service in the areas of equities, fixed income, cash, alternative investments and real estate products for institutional and individual investors and their intermediaries around the world. In 2009, Ms. Novick formed the BlackRock Global Public Policy Group to give investors a voice.
“We are honored and privileged to announce that Barbara novick joined the AFX board of directors. She is a true pioneer who was at the forefront of finance, co-founder of one of the largest asset managers in the world, ”said Dr. Richard L. Sandor, President and CEO of AFX. “Our board of directors looks forward to working with her. and benefit from his entrepreneurial spirit and vision. “
“Barbara novick is an exceptional addition to the AFX Council. She is knowledgeable, experienced and well regarded across the industry, ”said Sheila bair, former president of the Federal Deposit Insurance Corporation. “I have known Richard and Barbara for many years and look forward to seeing them combine their skills on critical issues related to the health of our financial system.”
“I am delighted to join the American Financial Exchange, Dr. Richard Sandor, and other AFX board members as they envision and pave the way for the future of the US bank, ”said Ms. Novick. “The world has changed, and the financial industry will come to recognize that the time of a single benchmark has passed, and we will find that multiple benchmarks tailored to the needs of each banking industry are the way forward. One size doesn’t fit all, and the AFX AMERIBOR benchmark is a leader for financial institutions that need a credit-based solution. “
Ms. Novick serves on the Board of Directors of the Peterson Institute for International Economics, the Board of Directors of 100 Women in Finance, the Advisory Board of the Center for Financial Stability, the Committee on Capital Markets Regulation and the Advisory Board of Millstein Center for Global Markets and Corporate Ownership. Ms. Novick holds a bachelor’s degree, cum laude, in economics of Cornell University.
The other AFX directors are Arthur kelly, founder and managing partner of Chicagobased at KEL Enterprises LP, a private equity investment partnership (lead independent director); Robert albertson, Managing Director and Chief Financial Services Group Strategist at Piper Sandler (External Director); The deputy. J. Christophe Giancarlo, senior lawyer, Willkie Farr & Gallagher LLP and Former Chairman, US Commodity Futures Trading Commission (independent director); and Andrew B. Lowenthal, Executive Vice President, Co-Head of Markets, for Cboe Global Markets, Inc. (representing Cboe).
Currently, AFX members in the United States include 174 banks and 1,000 correspondents, with combined assets of over $ 4 trillion. There are 44 non-banks which include insurance companies, brokers, private equity firms, hedge funds, futures traders, and asset managers. For more information on AFX or AMERIBOR®, visit www.ameribor.net.
Laura La Barbera
The American Financial Exchange (AFX) was conceived in 2011, filed for a patent in 2012, and released “Libor is Giving Derivatives a Bad Name” in September 2012, incorporated in 2014, and started e-commerce in 2015. AFX is an exchange, with 218 members in all 50 US states. AFX offers a suite of innovative products to improve transparency and efficiency in today’s interbank lending market. AFX also facilitates the determination of a benchmark market-based interest rate called the American Interbank Offered Rate (AMERIBOR®). AMERIBOR® is a benchmark interest rate that reflects the actual unsecured borrowing costs of over 1,000 US banks and financial institutions. In addition, AFX’s AMERIBOR® complies with the nineteen principles set out by the International Organization of Securities Commissions (IOSCO) for financial benchmarks.
SOURCE American Financial Exchange