In 2014, Duffie chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. He is a co-author of the proposal for Across-the-Curve Credit Spread Index ("AXI") and its extension Financial Conditions Credit Spread Index ("FXI") but has no related compensation and has no affiliation with their operationalization. AXI and FXI are forward looking benchmark credit spreads that can be used in conjunction with the Secured Overnight Financing Rate (“SOFR”) to form a credit sensitive interest rate benchmark. The spreads were launched in 2022 and are published and administered by Invesco Indexing LLC, an independent index provider owned by global asset manager Invesco Ltd.