SOFR Academy, Inc., a leading financial education, and market data provider, announced that the Firm has engaged with Invesco Indexing LLC as the index provider of the Invesco / SOFR Academy Across-the-Curve Credit Spread Index (AXI). Invesco Indexing is a recognized benchmark administrator by both the Central Bank of Ireland and the United Kingdom’s Financial Conduct Authority under EU Benchmark Regulation (BMR).
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“This collaboration will ensure that AXI is managed by an index provider that follows the highest industry standards and operates in alignment with the globally agreed and recognized IOSCO Principles for Financial Benchmarks”
“This collaboration will ensure that AXI is managed by an index provider that follows the highest industry standards and operates in alignment with the globally agreed and recognized IOSCO Principles for Financial Benchmarks,” said Marcus Burnett, Chief Executive Officer of SOFR Academy. “AXI’s launch will provide market participants with the transparency and certainty needed for new loan contracts to support a smooth transition to a SOFR based lending market in the United States. It will also help banks manage potential funding mismatches and conduct risks. We are delighted to be partnering with Invesco.”
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Andrew Waisburd, Head of Invesco Indexing, commented, “We are pleased to be selected by SOFR Academy to play this important role. Our indexing capabilities and deep history in the fixed income markets position us well to manage robust and sustainable forward-looking credit spreads as the administrator of AXI. We value the opportunity to offer SOFR Academy a solution to support the industry’s LIBOR transition needs.”
SOFR Academy conducted a Request for Proposal (RFP) in 2021 to identify an index provider for the Across-the-Curve Credit Spread strategy to meet market demand for a robust credit sensitive supplement to SOFR. The USD Invesco / SOFR Academy Across-the-Curve Credit Spread Index will be calculated daily and published at 8 AM ET, using the prior day’s transaction data, on a T+1 basis.
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