KUALA LUMPUR, Feb 8 (Bernama) -- SOFR Academy Inc, a leading financial education, and market data provider, has announced 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 recognised benchmark administrator by both the Central Bank of Ireland and the United Kingdom’s Financial Conduct Authority under EU Benchmark Regulation (BMR).
“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 recognised IOSCO Principles for Financial Benchmarks,” said SOFR Academy Chief Executive Officer Marcus Burnett in a statement.
“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.”
Invesco Indexing Head, Andrew Waisburd, added: “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.
SOFR Academy is a member of the American Economic Association (AEA), the Loan Syndications and Trading Association (LSTA), the International Swaps and Derivatives Association (ISDA), and the Asia Pacific Loan Market Association (APLMA), among others.
-- BERNAMA
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