AFX Completes Migration of Trading Platform Technology with Transaction Network Services (TNS)

CHICAGO, Nov. 20, 2024 /PRNewswire/ -- The American Financial Exchange (AFX), a self-regulated exchange that provides banks and financial institutions a marketplace for overnight unsecured interbank lending and borrowing, announced today that it has partnered with Transaction Network Services (TNS), a global leader in providing mission-critical infrastructure for financial markets. As a result of this partnership, TNS will provide full management and hosting services for AFX's data center to support its marketplace and membership community consisting of more than 250 banks and financial institutions across the U.S.

"By partnering with TNS, AFX gains more flexibility and independence, enabling us to provide increased optionality and better serve America's community and regional banks," said AFX CEO John Shay. "With the support of TNS, we remain steadfast in providing our member banks and financial institutions with the marketplace they deserve for their overnight unsecured interbank lending and borrowing needs."

Shay added: "As we continue to grow and look to raise more capital in the months ahead, having good, reliable partners in place to be part of our offering is a key factor in our success."

Tom Lazenga, General Manager of TNS' Financial Markets business stated: "We are proud to partner with AFX, an organization aligned with TNS' commitment to providing fast and resilient solutions to the financial industry worldwide. We're excited about the work we can do together."

In addition to the new TNS relationship, AFX has strong existing partnerships in place with Connamara Systems for the software development, Morningstar as Benchmark rate verification agenda and RSM for the development of the network surveillance oversight.

About American Financial Exchange
The American Financial Exchange (AFX) is a self-regulated electronic exchange providing over 250 banks and financial institutions a marketplace for overnight unsecured interbank lending and borrowing. The transactions on AFX power AMERIBOR®, a credit-sensitive benchmark interest rate that is the true reflection of the lending and borrowing costs for Main Street banks that represent approximately 25% of the U.S. banking sector's total assets. For more information visit www.theafex.com.

About TNS
Founded in 1990 and with headquarters in the USA and offices across Europe and Asia, TNS is a leading provider of mission-critical infrastructure, connectivity, market data and analytic services for the Financial Markets community. Delivered as a fully managed Infrastructure-as-a-Service offering, TNS provides an unrivalled, global, mission-critical footprint that can significantly help reduce the burdens, complexities and costs attributed to firms 'going direct.' Through its ultra-low latency connectivity, its global market data offerings and its dedicated 24x7x365 local support, TNS remains the trusted solution provider to more than 750 counterparties globally.

Media Contacts
Sam Raffalli
Forefront Communications for AFX
[email protected]

Clare Cockroft
Senior Director of Marketing
TNS
[email protected]

SOURCE American Financial Exchange