The American Financial Exchange (AFX), a Chicago-based electronic exchange for direct lending and borrowing for American banks and financial institutions, announced on Wednesday the official appointment of Barbara G. Novick as an independent director on its Board of Directors. Novick is co-founder of BlackRock and currently serves as senior advisor to the company.

According to the press release, Novick – who earned a BA degree, cum laude, in economics from Cornell University – co-founded BlackRock in 1988 and held executive roles such as vice chairman and senior advisor. In 2009, she built BlackRock’s Global Public Policy Group, and before the creation of such a group, she led the Global Client Group, overseeing global business development.

“We are honored and privileged to announce that Barbara Novick has joined AFX’s Board. She is a true trailblazer who has been at the forefront of finance, co-founding one of the largest asset managers in the world. Our board looks forward to working with her and benefiting from her entrepreneurship and vision,” Dr. Richard L. Sandor, AFX’s Chairman and CEO, commented on Novick’s new role.

The new AFX’s Board of Directors addition highlighted the role of marketplaces such as AFX for the future of US banking. “The world has changed, and the financial industry will come to recognize that the time for one single benchmark has passed, and we will find that multiple benchmarks tailored to the needs of individual banking sectors is the path forward,” Novick said.

AFX Membership List

On the other hand, Sheila Bair, past chairwoman of the Federal Deposit Insurance Corporation, praised Novick’s years of experience within the industry. “I have known both Richard and Barbara for many years and look forward to seeing them combine their skills on critical issues related to the health of our financial system,” she added.

Founded in 2015, the AFX has 174 banks within its membership list as of press time and 1,000 correspondents with a combined asset of over $4 trillion.