Barbara G. Novick Joins Board of Directors of the American Financial Exchange (AFX)

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Jun 02, 2021, 09:40 ET

CHICAGO, June 2, 2021 /PRNewswire/ -- The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced today that Barbara G. Novick, co-founder of BlackRock and current Senior Advisor to the firm, will serve as an independent director on AFX's Board of Directors.

Ms. Novick was a co-founder of BlackRock in 1988; she transitioned from Vice Chairman to Senior Advisor as of February 2021. From the inception of the firm in 1988 to 2008, Ms. Novick headed the Global Client Group and oversaw global business development, marketing and client service across equity, fixed income, liquidity, alternative investment and real estate products for institutional and individual investors and their intermediaries worldwide. In 2009, Ms. Novick established BlackRock's Global Public Policy Group to provide a voice for investors.

"We are honored and privileged to announce that Barbara Novick has joined AFX's Board. She is a true trailblazer who has been at the forefront of finance, co-founding one of the largest asset managers in the world," said Dr. Richard L. Sandor, AFX's Chairman and CEO. "Our board looks forward to working with her and benefiting from her entrepreneurship and vision."

"Barbara Novick is an outstanding addition to the AFX Board. She is knowledgeable, experienced and well-regarded throughout the industry," said Sheila Bair, past chairwoman of the Federal Deposit Insurance Corporation. "I have known both 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 members of the AFX Board as they envision and blaze a trail toward the future of American banking," said Ms. Novick. "The world has changed, and the financial industry will come to recognize that the time for one single benchmark has passed, and we will find that multiple benchmarks tailored to the needs of individual banking sectors is the path forward. One size does not fit all, and the AFX AMERIBOR benchmark is a leader for those financial institutions that need a credit-based solution."

Ms. Novick serves on the Peterson Institute for International Economics Board, 100 Women in Finance Board, Center for Financial Stability Advisory Board, Committee on Capital Markets Regulation, and the Millstein Center for Global Markets and Corporate Ownership Advisory Board. Ms. Novick earned a BA degree, cum laude, in economics from Cornell University.

The other AFX directors are Arthur Kelly, Founder and Managing Partner of Chicago-based KEL Enterprises L.P., a private equity investment partnership (lead independent director); Robert Albertson, managing director and chief strategist in the financial services group at Piper Sandler (outside director); the Hon. J. Christopher Giancarlo, Senior Counsel, 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. (Cboe representative).

Currently AFX membership across the U.S. includes 174 banks, and 1,000 correspondents, with combined asset of over $4 trillion. There are 44 non-banks that include insurance companies, broker-dealers, private equity firms, hedge funds, futures commission merchants, and asset managers. For more information about AFX or AMERIBOR®, visit www.ameribor.net.

AFX Contact:
Laura LaBarbera
[email protected]
312-554-4904
312-805-6569

About AFX

The American Financial Exchange (AFX) was conceived of in 2011, initiated patent application in 2012 and published "Libor is Giving Derivatives a Bad Name" in September, 2012, incorporated in 2014 and began electronic trading in 2015. AFX is a self-regulated exchange, with 218 members across the 50 U.S. states. AFX offers a suite of innovative products to improve transparency and efficiency in the current interbank loans marketplace. AFX also facilitates the determination of a market-based interest rate benchmark called the American Interbank Offered Rate (AMERIBOR®). AMERIBOR® is an interest rate benchmark that reflects the actual unsecured borrowing costs of more than 1,000 American banks and financial institutions. In addition, AFX's AMERIBOR® is in alignment with all nineteen Principles set forth by the International Organization of Securities Commission (IOSCO) for Financial Benchmarks.

SOURCE American Financial Exchange