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.


Ever wondered what’s wrong with the FX business?

This article (see link below), by Eva Szalay, editor of FX Week, neatly summarises the key issue with the FX business.  Stashing fees in spread should be a source of shame to asset managers, but it continues, despite new MiFID2 requirements.  Charging investors for...

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Simplifying FX TCA

According to the JP Morgan e-Trading Trends for 2018 survey, over 50% of the bank's institutional trading clients (a sample of 400 participants) main concerns for 2018 are to do with Price Transparency or Regulatory Reporting.  The issue of achieving regulatory...

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RTS 28 Report? Sorted.

There's a lot of moaning about MiFID2, naturally, but we don't think anyone should be complaining when it comes to reporting for FX.  NCFX can automate the RTS 28 report for asset managers cheaply and easily either through an SFTP process, or via a simple file upload...

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