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FX Benchmark Analytics

We leverage our data, technology and expertise to shine a light on the hidden costs of trading foreign exchange.

We empower our customers to make better informed decisions, driving performance and growth.

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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.


Our FCA-regulated benchmark data empowers our customers to navigate the complex and opaque world of foreign exchange.

The world’s only continuous, officially regulated benchmark rates for spot and forward FX.We construct our benchmark rates by looking across the entire global market not just a sub-section of it, so you can be sure you are seeing the whole picture. Measuring costs against anything other than an objective benchmark risks overlooking hidden costs or confirming prevailing, inefficient biases.

Independent, unbiased data is key to objective measurement. The price you are quoted in the foreign exchange market depends on who you are and who you ask, so finding the best price presents a huge challenge. The first step to finding the best price is knowing the true price; this is an objective price that is not subject to bias or potential manipulation by those who would profit from skewing the market in their favour. NCFX is unique because we are independent of liquidity providers and venues, so we have no vested interest in who you trade with or where you choose to execute your trade. Our benchmarks provide the best reflection of the true price in the market, and you can use them to move towards optimal execution.

Real-time data that provides guidance throughout the lifecycle of a trade. NCFX data is calculated and published in real-time which means you are supported pre-trade in selecting an appropriate trading strategy, through the lifecycle of the transaction itself, and then into post-trade analysis and reporting. Our data empowers you to confidently understand and take control of your FX execution costs.

Easy access. Our real-time streaming price feeds can inform you before you trade, or you can accurately assess your performance after you trade. You can access our data products through the NCFX TCA Hub which can be directly integrated with your existing systems, is fully automated, and is configurable for each unique client workflow.

forward looking


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.

Complexity, opacity. FX execution cost chains are complex. They include not only well understood costs based on transparent fixed and variable price points, but also hidden costs associated with market volatility, counterpart liquidity, timing and other execution factors. We shine a light on all the costs.

Quality inputs lead to quality outputs. All analysis depends on the quality of the data on which it is based. In the decentralised FX market the unbiased mid-rate is hard to know. NCFX produces the fairest reflection of the true price in the market with our FCA-regulated benchmark rates. Our analytical tools use these true prices, so you can be confident that they provide a fair and accurate reflection of the FX market at any point in time. Any measure of foreign exchange costs derived from another rate can be inaccurate at best and misleading at worst, potentially reinforcing an expensive trading approach.

Advanced, rich information. Our transaction cost analysis goes well beyond simply measuring the cost of a trade. It can provide detailed contextualised feedback on your trading activities, allowing you to manage your trading relationships, understand the impact of your trading choices, and explore ways to systematically reduce your costs.

Forward-looking analysis that provides course correction throughout a trade. Our data, our partners, and our analytical framework put us in a unique position. We have developed the next generation of pre-trade tools that deliver actionable analysis, guiding our customers step-by-step towards optimal execution, leveraging advanced machine learning models to provide course correction throughout their trades.

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, driving down our customers’ trading costs.


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. 

Deep industry experience. Our team has a wealth of experience in all aspects of foreign exchange and a network that encompasses liquidity providers, asset managers, asset owners, central banks and utility providers like money managers and corporate entities.

A more efficient path to market. We help our clients design highly efficient execution strategies, review liquidity providers, identify gaps or pricing that is out of context with peers, explore matching solutions and fixing choices, and engage with new providers.

Talk to us today. We are here to discuss your data, analytics and solutions needs in foreign exchange today.



NCFX also works with a network of partners who share our commitment to a fairer path to market for asset managers, asset owners and corporate entities.


Shining a light on the true costs of trading foreign exchange.

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1 Hudson’s Place

Platform 1 Victoria Station



Tel: 020 8152 4312

Email: info@newchangefx.com

Corporate Responsibility. NCFX adheres to the principles set out in the following international codes of ethical conduct: OECD Guidelines for Multinational Enterprises, UN Global Compact, UN Guiding Principles on Business and Human Rights, ILO Conventions: Child Labour (C138, C182); Forced Labour (CO29, C105); Discrimination (C100, C111); Freedom of Association (CO87, C098).

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