Editing Libor (section)

==== Across-the-Curve Credit Spread Indices (AXI) ====
The Across-the-Curve Credit Spread Index (AXI) is a benchmark credit spread that captures the recent cost of wholesale, unsecured debt funding for publicly listed US bank holding companies and commercial banks. It can be used in conjunction with [[SOFR]] to form a robust credit-sensitive interest rate benchmark for bank lending and risk management. AXI is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, using weights that reflect both transaction and issuance volumes. The primary underlying input data source is the [[Financial Industry Regulatory Authority]]'s [[Trade reporting and compliance engine|Trade Reporting and Compliance Engine]] (TRACE), which is a mandatory post-trade reporting facility. This long-term bond component is supplemented by a short-term component using data from the [[Depository Trust & Clearing Corporation]] (DTCC). The Financial Conditions Credit Spread Index (FXI) follows the same methodology as AXI, but the underlying transactions are expanded beyond banks to include all financial institutions, as well as corporate funding transactions. AXI and FXI were first conceived by Antje Berndt, [[Darrell Duffie]], and Yichao Zhu,<ref>{{Cite web|url=https://cbe.anu.edu.au/about/staff-directory/dr-yichao-zhu|title=Dr Yichao Zhu &#124; College of Business and Economics|website=cbe.anu.edu.au}}</ref><ref>{{Cite journal|title=Across-the-Curve Credit Spread Indices|first1=Antje|last1=Berndt|first2=Darrell|last2=Duffie|first3=Yichao|last3=Zhu|date=1 August 2023|journal=Financial Markets, Institutions & Instruments|volume=32|issue=3|pages=115–130|doi=10.1111/fmii.12172|doi-access=free}}</ref> and were operationalized by [[SOFR Academy]], Inc.<ref>{{Cite web|url=https://sofracademy.com/axi/|title=Across-the-Curve Credit Spread Indices (AXI)}}</ref> The US-dollar benchmark spreads were launched in 2022<ref>{{Cite press release|url=https://www.prnewswire.com/news-releases/invesco-indexing-and-sofr-academy-announce-official-launch-of-the-invesco-usd-across-the-curve-credit-spread-indices-axi-301591965.html|title=Invesco Indexing and SOFR Academy announce official launch of the Invesco USD Across-the-Curve Credit Spread Indices (AXI)|author=Invesco Ltd; SOFR Academy|website=www.prnewswire.com}}</ref> and are published each business day by authorized benchmark administrator Invesco Indexing LLC,<ref>{{Cite web|url=https://www.invescosofracademyaxi.com/|title=Invesco / SOFR Academy USD Across-the-Curve Credit Spread Indexes (AXI)|website=www.invescosofracademyaxi.com}}</ref> an independent index provider owned by global asset management firm [[Invesco]]. AXI and FXI are accessible via [[Bloomberg LP|Bloomberg]] and [[Refinitiv]] / [[London Stock Exchange Group|LSEG]].<ref>{{Cite web|url=https://www.businesswire.com/news/home/20220901005579/en/Invesco-USD-Across-the-Curve-Credit-Spread-Indices-AXI-now-accessible-via-Bloomberg-and-Refinitiv|title=Invesco USD Across-the-Curve Credit Spread Indices (AXI) now accessible via Bloomberg and Refinitiv|date=1 September 2022|website=www.businesswire.com}}</ref>