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.

NCFX Data

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

Clear

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

Honest

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

Automatic

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

Complete

We measure the following:
• Delay cost
• Price Impact
• Effective Spread
• Realised Spread
• Decay (pre and post trade)
• Implementation Shortfall
• TWAP
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.

Insights

MIFID II – TOP FIVE ACTIONS THAT PENSION SCHEMES NEED TO TAKE

The PLSA has issued a list of the top 5 actions that schemes need to take ahead of Mifid.  You can read their article here.  In essence, schemes need to: Assess the value of investment research. LGPS schemes need to "Opt Up" from retail to professional status in order...

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Has the EU seen the light on FX variation margin?

European Council changes tack on FX Variation Margin Change could be afoot in the FX margining requirements under EMIR.  On 15th November, the Council of the European Union published a proposed amendment to the text.  The text includes the following on page 30 of the...

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ESMA updates the PRIIPS rules

New Change FX (NCFX) welcomes the recent confirmation of the PRIIPS rules on FX transaction cost analysis (TCA).  Andy Woolmer, CEO of NCFX said: “This FX TCA clause provides a clear and firm basis on which to conduct FX TCA.  The rule clarifies that when measuring FX...

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