New Change FX is an FCA-authorised benchmark administrator.
We produce and publish the world’s only continuous, officially regulated benchmark rates for Spot and Forward FX.
World's Best FX Benchmarks, Forward Solutions, and Trusted Crypto Data.
Delivering cost savings, sharper pricing, and greater operational efficiency for FX and Digital Asset markets.
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New Change FX is an FCA-authorised benchmark administrator.
We produce and publish the world’s only continuous, officially regulated benchmark rates for Spot and Forward FX.
World's Best
FX Benchmarks, Forward Solutions, and Trusted Crypto Data.
Delivering cost savings, sharper pricing, and greater operational efficiency for FX and Digital Asset markets.
New Change FX is an FCA-authorised benchmark administrator.
We produce and publish the world’s only continuous, officially regulated benchmark rates for Spot and Forward FX.
World's Best
FX Benchmarks, Forward Solutions, and Trusted Crypto Data.
Delivering cost savings, sharper pricing, and greater operational efficiency for FX and Digital Asset markets.
Truly Independent Data
No trading book, no execution desk, no conflicts of interest.
FCA-Regulated
Authorised benchmark administrator (FRN 793983).
Real-Time & Historical Data
Live and historical benchmark rates — updated up to 50ms.
Proven Cost Savings
Clients recover hidden costs.
Independent FX & Crypto Data
New Change FX (NCFX) is an award-winning fintech company authorised and regulated by the UK Financial Conduct Authority (FCA) as a benchmark administrator. NCFX provides independent, real-time foreign exchange (FX) and digital asset data to institutional clients globally. NCFX's regulated benchmarks and reference data cover a broad range of asset classes and products, including FX Spot, Forwards365®, NCFX Bank365®, Non-Deliverable Forwards (NDFs), Precious Metals, Options Cut, Transaction Cost Analysis (TCA), and Crypto Reference Rates.
Example Use Cases
Price Construction & Validation
Stream independent mid-rates into your pricing engine as a guardrail around incoming LP prices and outgoing client quotes. Bank365® adds bank-sourced forward pricing across the full one-year curve with daily granularity
e-Trading Guardrails & Automation
Machine-readable rates by FIX API and WebSocket power dynamic cost tolerance frameworks for dealers managing multiple forward books, and support fully automated machine-to-machine workflows
For Banks
Broken Date Rate Discovery
Forwards365® calculates live forward mid-rates for every good trading day out to one year. Capture turns, central bank dates, and special days without linear interpolation. Price odd dates with confidence
Best Execution & Client Evidence
Evidence execution quality to your clients and regulators against a regulated independent mid and run TCA on your own hedging flow,
For Asset Managers
FRTB & Regulatory Capital
Continuous, granular rates with deep history support modellability assessments under FRTB. Reducing reliance on non-modellable risk factors and the capital add-ons they attract, particularly across forward tenors and less liquid pairs.
Independent Price Verification
Support mark-to-market, limit setting, month-end valuations, and historical comparison from a non-conflicted, independent source
For Risk Teams
For Risk Teams
FRTB & Regulatory Capital
Continuous, granular rates with deep history support modellability assessments under FRTB. Reducing reliance on non-modellable risk factors and the capital add-ons they attract, particularly across forward tenors and less liquid pairs.
Independent Price Verification
Support mark-to-market, limit setting, month-end valuations, and historical comparison from a non-conflicted, independent source
For Asset Managers
Forwards365® calculates live forward mid-rates for every good trading day out to one year. Capture turns, central bank dates, and special days without linear interpolation. Price odd dates with confidence
Broken Date Rate Discovery
Best Execution & Client Evidence
Evidence execution quality to your clients and regulators against a regulated independent mid and run TCA on your own hedging flow,
For Banks
Price Construction & Validation
Stream independent mid-rates into your pricing engine as a guardrail around incoming LP prices and outgoing client quotes. Bank365® adds bank-sourced forward pricing across the full one-year curve with daily granularity
e-Trading Guardrails & Automation
Machine-readable rates by FIX API and WebSocket power dynamic cost tolerance frameworks for dealers managing multiple forward books, and support fully automated machine-to-machine workflows
Example Use Cases
“NCFX Forwards365® provides an independent view of the curve to aide in pre-trade price discovery and optimal date selection when rolling positions. Their data adds value in our process and helps give us increasing clarity into where the market is trading.”
- Eric Brown, FX Trader
T. Rowe Price
"We wanted to build a new type of venue where institutional participants could trade with confidence, free from information leakage. To deliver on this ambition, we needed a trusted and independent mid-rate. NCFX’s streaming benchmark was the natural choice. It provides a regulated, manipulation-free reference point that enables our clients to match on equal terms"
- Claude Goulet, CEO
Siege FX
"ForexClear has used the NCFX price feed since 2018 and supports automating FX expiries. With 2025 YTD ADV at $27.97bn—up over 100%—we look forward to expanding partnerships in deliverable FX."
- Laura James, COO
Forex Clear, LCH
"ForexClear has used the NCFX price feed since 2018 and supports automating FX expiries. With 2025 YTD ADV at $27.97bn—up over 100%—we look forward to expanding partnerships in deliverable FX."
- Laura James, COO,
ForexClear, LCH, LSEG
"We wanted to build a new type of venue where institutional participants could trade with confidence, free from information leakage. To deliver on this ambition, we needed a trusted and independent mid-rate. NCFX’s streaming benchmark was the natural choice. It provides a regulated, manipulation-free reference point that enables our clients to match on equal terms/"
-Claude Goulet, CEO
Siege FX
“NCFX Forwards365® provides an independent view of the curve to aide in pre-trade price discovery and optimal date selection when rolling positions. Their data adds value in our process and helps give us increasing clarity into where the market is trading.”
- Eric Brown, FX Trader
T.Rowe Price
A few words from our clients
Truly Independent Data
No trading book, no execution desk, no conflicts of interest.
FCA-Regulated
Authorised benchmark administrator (FRN 793983).
Real-Time & Continuous
Live benchmark rates, not periodic fixings — updated up to 50ms.
Proven Cost Savings
Clients recover hidden costs.
Independent FX & Crypto Data
New Change FX is an award-winning fintech company authorised and regulated by the UK Financial Conduct Authority as a benchmark administrator. NCFX provides independent, real-time foreign exchange (FX) and digital asset data to institutional clients globally. NCFX’s regulated benchmarks and reference data cover a range of asset classes, including FX Spot, Forwards (Forwards365®), Non-Deliverable Forwards (NDFs), Precious Metals, Options Cut, and Crypto reference rates.
We have no trading book, no conflicts of interest, and no incentive to shade our numbers. Just clean, regulated, real-time data.
01
Truly Independent.
We don't trade. We don't have a sales desk. Our only product is accurate, unbiased data, which means our incentives are perfectly aligned with yours.
02
FCA-Regulated
As an FCA-authorised benchmark administrator, our rates meet the gold standard for regulatory compliance — including BMR, MiFID II, and EMIR requirements.
03
Real-Time, Continuous Rates
Unlike periodic fixings, NCFX rates are live and continuous — giving you an accurate picture of the market at any moment, not just at the 4pm fix.
04
Proven Cost Savings
Our clients consistently identify and recover significant hidden transaction costs ,often equivalent to multiples of their data subscription fee.
Our Products
All you need for Independent
FX & Crypto Data
From regulated spot benchmarks to full forward curves and onchain crypto-derived FX rates — all produced with zero manual intervention.
FX Spot Data
From regulated spot benchmarks to full forward curves and onchain crypto-derived FX rates — all produced with zero manual intervention.
FX Options Cut
The NCFX Options Cut is a daily benchmark rate service included in Annex A of the 1998 FX and Currency Option Definitions, co-published by ISDA and EMTA, delivering seven cuts across 56 currency pairs, plus gold and silver. The cut is drawn from the FCA-approved NCFX Spot Benchmark Feed.
"ForexClear has used the NCFX price feed since 2018 and supports automating FX expiries. With 2025 YTD ADV at $27.97bn—up over 100%—we look forward to expanding partnerships in deliverable FX"
LCH
Laura James
“NCFX Forwards365® provides an independent view of the curve to aide in pre-trade price discovery and optimal date selection when rolling positions. Their data adds value in our process and helps give us increasing clarity into where the market is trading.”
T. Rowe Price
Eric Brown
“NCFX is a highly valued part of the Chainlink network, delivering fast, accurate, and reliable forex and crypto prices to our Data Feeds and Data Streams."
ChainLink Labs
Will Janensch
Our Awards
At New Change FX, we’re proud to be an award-winning fintech, recognized across the industry with honors including the Pan Finance Awards, the FX Markets e-FX Awards, and the IMD/IRD Award for Best Data Analytics Initiative.
Our Solutions
01
Data
Our FCA-regulated benchmark data empowers our customers to navigate the complex and opaque world of foreign exchange.
02
Analytics
NCFX offers a suite of advanced post- and pre-trade tools that allow our clients to evaluate FX trading costs and navigate towards optimal execution.
03
Bespoke Benchmarks & Indices
Drawing on our unique data sets, sophisticated tools, and deep foreign exchange experience, we drive innovation and transparency. We work with our clients to create tailored solutions to address their foreign exchange challenges.
04
Crypto Data
Drawing on our unique data sets, sophisticated tools, and deep foreign exchange experience, we drive innovation and transparency. We work with our clients to create tailored solutions to address their foreign exchange challenges.
Our Mission
Our mission is to use our unique data sets, financial theory, and our unparalleled experience to shine a light on the true cost of trading foreign exchange so our customers can drive down their trading costs and improve their performance.
We are dedicated to raising the standard of TCA so our clients can accurately review their past foreign exchange activity, whilst also pioneering predictive analytics so our clients can optimise execution.
We have an unashamed bias towards those trying to promote fairness and transparency. Our analytics and tools help to redress the imbalance between insiders and outsiders in the foreign exchange market.
Shining a light on the true costs
of trading foreign exchange.
