AFX passes to new owners as ADV tops $1 billion

Private equity firm 7Ridge plans to expand the range of hedging tools linked to the Ameribor index

A stock exchange screen

For Richard Sandor, $1 billion seemed like the magic number.

The figure represents the average daily volume in 2022 of interbank loans underpinning Ameribor, a credit-sensitive interest rate benchmark aimed at US regional banks. Sandor sensed this might be the ideal moment to hand off his disruptive invention to new owners.

“It’s perfect,” he tells “We’ve laid the groundwork [and] we think we’ve found the right partner to take it to the next step.”

Last month, 7Ridge, the private

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