NEW YORK–SOFR Academy, Inc. today announced that Timothy G. Massad, former Chairman of the U.S. Commodity Futures Trading Commission and former Assistant Secretary for Financial Stability at the U.S. Department of the Treasury, has joined the firm as a Senior Advisor. Mr. Massad will also hold an equity interest in the company.
Mr. Massad brings extensive experience in financial regulation, derivatives markets, and public policy. As Chairman of the CFTC, he led the implementation of key reforms to enhance transparency and reduce systemic risk in the derivatives markets. During his tenure at the U.S. Treasury, he oversaw the Troubled Asset Relief Program (TARP), managing the government’s investments in financial institutions and supporting financial market recovery efforts during a critical period.
“I am delighted to become an advisor to SOFR Academy,” said Timothy G. Massad. “Its work to develop and implement the AXI and FXI indices is critical to creating credible, market-based benchmarks for financial markets.”
“We are truly honored to welcome Tim as a Senior Advisor,” said Marcus Burnett, CEO of SOFR Academy. “Tim’s leadership in regulatory reform and his deep expertise on financial stability will bring valuable perspective as we continue our work to ensure market participants have access to the credit risk management tools they need in the United States and abroad.”
Mr. Massad currently serves as a Research Fellow at the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School and is the Director of the Center’s Digital Assets Policy Project. He is also a Nonresident Senior Fellow at the Brookings Institution. He also advises a range of public and private institutions on financial regulatory matters.
“I am delighted to become an advisor to SOFR Academy. Its work to develop and implement the AXI and FXI indices is critical to creating credible, market-based benchmarks for financial markets..”– Timothy G. Massad
SOFR Academy develops benchmark credit spread indices designed to complement risk-free rates such as the Secured Overnight Financing Rate (SOFR). Its flagship U.S-dollar indices are the Across-the-Curve Credit Spread Index™ (AXI) (Bloomberg ticker: AXIIUNS Index) and the Financial Conditions Credit Spread Index™ (FXI) (Bloomberg ticker: FXIXUNS Index), which have been independently found to have fully implemented relevant IOSCO Principles for Financial Benchmarks (IBM Promontory, 2024). These indices are grounded in observable market transactions and are designed to enhance the efficiency, resilience, and transparency of financial markets.
Post-LIBOR, the global landscape for financial benchmarks has shifted decisively toward a more decentralized model. In key jurisdictions such as the United States, China, Europe, Japan, India, Mexico, and Brazil, SOFR Academy is actively developing robust, credit-sensitive benchmark supplements for local risk-free rates. These efforts reflect the firm’s broader commitment to building benchmark solutions that are locally relevant, internationally credible, and aligned with financial stability objectives.
About SOFR Academy, Inc.
SOFR Academy, Inc. is a financial engineering firm that develops tools to support global financial market participants and public institutions. The firm’s products are designed to complement (near) risk-free rates and promote well-functioning credit markets. Headquartered in New York, SOFR Academy works with market participants, academics, and regulators to strengthen financial system resilience and transparency. SOFR Academy’s backers include 8VC, and former Goldman Sachs partner Robert Litterman who developed the Black–Litterman model together with Fischer Black in 1990. For more information, please visit www.SOFR.org.
About 8VC
8VC is a leading technology investment firm, backing visionary teams and industry-transforming companies. The partners have an extensive track record as founders, builders, and operators of companies including Palantir, Addepar, Resilience, and OpenGov. 8VC manages over $6 billion in committed capital, investing primarily in smart enterprise platforms, healthcare, logistics, Bio-IT, and defense. For more information, visit https://8vc.com.
About the Secured Overnight Financing Rate
SOFR is published by the Federal Reserve Bank of New York and is subject to The New York Fed’s Terms of Use. The New York Fed has no liability for your use of the data. Neither USD-AXI or USD-FXI are associated with, endorsed, or sponsored by The New York Fed or the Federal Reserve System.
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