FX Data

Independent data. Independent TCA.

Take control of your FX costs .

Independent FX data and measurement tools.

New Change FX exists to empower our clients with independent FX data and measurement tools. We calculate a live, consolidated FX midrate millions of times a day from independent sources.

We do this so that you can measure your trades without relying on data or analysis provided by your executing bank or broker.

We are the only TCA provider in the world to do this. Don’t pay more for less.


Live, independent FX midrates in 2,500 spot currency pairs and almost 9,000 standard forward tenors.

NCFX Measurement

Automatic TCA tools powered by the world’s only live, independent FX data feed. No manual processes, no delay in knowing. Simple.

Why New Change?

We are unique because we are objective. Completely.

FX midrate


We charge clear, set amounts for our services. We charge you directly instead of taking hidden fees from your bank as your deals are being executed. This means we are not inclined to favour one bank, broker or platform over another.

FX midrate


We use NCFX midrate data in calculations because data independence is key to measurement. As the NCFX data is not available for trading your bank cannot influence it. Without independent data you have no idea what your costs really are.

FX midrate


We deliver your FX TCA automatically without manual intervention and without requiring your data to leave your secure IT environment. We never keep or use your trade data or show it in aggregated form to others.

FX midrate


We measure the following:
• Delay cost
• Price Impact
• Effective Spread
• Realised Spread
• Decay (pre and post trade)
• Implementation Shortfall
All for one clear price.

FX execution cost-chains are complex. They include many entities that are paid through your execution flow, so the more flow you do with them, the more they earn. This includes custodians, banks, brokers, market-makers, (some) TCA providers, FX aggregation platforms and so on. The interest of each participant is to look as cheap as possible, so taking TCA results from anywhere inside the chain is problematic.

Without measurement from outside the cost-chain, you aren’t measuring anything, so if understanding costs and improving execution is important to you, then you need independent data.


Understanding Your FX Costs

We have read with great interest the FX Week exposé of the market practises still common in the Foreign Exchange (FX) markets.  The problems highlighted in the article are of importance to investors because they serve to conceal costs and conflicts of interest from...

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The Impact of FX Costs on Performance

As we have learnt from FX Week today, there is a view held by some in the FX community that adding costs for clients through spread is just fine.  We disagree. Aside from being questionable from a MiFID2 perspective, adding just USD 1 per million means knocking of...

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FX TCA must be done to PRIIPs standards for MiFID compliance

In the hullabaloo of Christmas and getting our aggregated rate approved by the regulator, we missed this very important regulatory Q&A that was issued by ESMA on December 18th 2017.  Amongst the various clarifications, they deal with the following question in Section...

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