New Change FX
New Change FX (NCFX) is an award winning FX data business.
We continually measure the global FX markets to record a live, independent FX midrate. We are unique because we do not offer any trading services at all so our midrate cannot be manipulated. By measuring execution against the NCFX midrate, clients can compare platforms, brokers, banks, custodians and algorithms on a level playing field. We have built an application in Microsoft Excel so that your trading data stays securely on your desktop. TCA results are delivered in Excel at the press of a button so that you can check trades with no delays.
We are the only supplier of TCA that offers you useable results, data security and independent measurement in Excel – and all for a fraction of the cost of other suppliers.
NCFX Live Rates
NCFX provides live midrate foreign exchange benchmarks in 65 currency pairs. The reference rate calculated for each currency pair reflects the real-time midrate of the global FX market. We use a wide variety of aggregated sources of real prices to arrive at a reliable, live reference rate that cannot be manipulated.
Our live reference data ensures you have an independent rate against which to measure any trade you do, however you do it. The NCFX rate is not derived from a single bank system or any one price platform. It is derived from millions of real trading prices. This means that when your order is filled, you have a reference price that is not derived from the same prices that filled your order. This means that you can compare algorithms, banks, brokers and platforms accurately.
Once you have accurate, independent reference data, you can make better trading choices.
NCFX Excel Tool
The NCFX Excel tool provides a convenient way for FX market users to measure their FX costs using accurate, independent FX rates. The key features are:
- Low cost. The NCFX tool is approximately 50% cheaper than other (more basic) TCA services.
- Data Security. Your trading data never leaves your desktop, and is therefore never used by anyone to trade against you.
- Independent Data. The NCFX midrates are aggregated live feeds measuring live prices, but they cannot be traded, so they cannot be influenced. We separate trading and measurement.
- Accuracy: We can provide analysis in milliseconds so that every trade (particularly in algo executions) can be measured accurately against an independent reference rate.
- Ease of use. Being created in Microsoft Excel means that users are familiar with the output – and can use the data however they wish to after its creation.
The NCFX Excel tool ensures you have the information you need in real time via a secure application on your desktop, using accurate, independent data.
NCFX Best Execution
At NCFX we believe that an independent midrate should be the cornerstone of any best execution policy. This can work in two different ways:
Aggregated Best Execution: We regard this as ‘deal-by-deal’ best execution, which is ideal for firms with multiple credit relationships and the technology required to aggregate rates. By using the independent midrate, investors can compare the efficiency of one aggregated platform against another. This can be done firstly by measuring the skew of aggregated pricing, and then by comparing different price providers on the same basis over time.
Single Dealer Best Execution: We regard this as ‘relationship’ best execution. Rather than seeking the best price on a deal-by-deal basis, the user can issue an RFP and through a tendering process establish a relationship with a single provider to supply all their FX execution for a specified period. Using the NCFX midrate as a reference for every deal means that the overall relationship cost can be measured and the contract honoured on a simple, transparent basis.
The NCFX live data stream is available both as a FiX feed, a RESTful API, via our Excel tool or you can use it by accessing our online tick database.
NCFX store every single tick across the 65 currency pairs that we generate reference prices for. You can access this database if you would like to identify a cost effective way to use, display or publish live FX prices for any reason at all. As an FX data specialist we are very happy to offer licenses for any use you might imagine.
We sell the data to clients requiring reference prices for accountancy purposes as well, and of course for the creation of new trading models and algorithms.
If you would like to discuss your FX data needs then call us.