FX Data

Take control of your FX costs.

 Independent data. Independent TCA. 


The only ESMA registered and FCA authorised administrator of live spot FX benchmarks.

New Change FX is an award winning fintech company. We specialise in delivering price transparency to the FX markets with live, regulated, independent data.

Our unique, completely independent FX data and TCA tools ensure best execution, operational efficiency and regulatory compliance in all FX transactions.

New Change FX is dedicated to creating an efficient and transparent market that is fair for everybody.

What we do

NCFX data is created by aggregating live feeds from multiple FX ECNs. We calculate a live, consolidated FX midrate millions of times a day from independent sources. We take no data from any underlying price maker directly to ensure that the rate cannot be manipulated whilst being representative of the market midrate at any given time.

We provide midrates in Spot, Forward, NDF and Restricted Currencies.

We work with central banks, sovereign wealth funds, pension schemes, banks, asset managers, asset consultants and major corporations globally.



Brokerage Services Using NCFX Data – Why is it different?

Differentiated Brokerage Services Using NCFX Data New Change FX (NCFX) is a data vendor, producing the world’s only live, streaming Foreign Exchange benchmarks.  NCFX is regulated by the FCA as a Benchmark Calculation Agent and complies with ESMA rules.  We are also...

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Why NCFX Data is good for you

    Why NCFX Data is good for you Without wishing to provoke unpleasant memories of being forced to eat your greens, we would like to explain why consuming high-quality, independent data is good for you, and even better for your portfolio. What is NCFX Data?...

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Our Products


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


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

Benefits to our clients

  • Forensically measure and monitor your FX transactions
  • Monitor, understand and control your FX implementation costs
  • Compare costs between counterparts, systems or processes
  • Quantify and understand the actual value of market making to clients
  • Improve FX intelligence and performance
  • Set up bespoke reporting to meet regulatory demands across mutliple jurisdictions
  • Ensure compliance and operational efficiency in all your FX transaction
  • Develop best execution policy framework and verify results
“By working with New Change FX, we are able to measure transaction costs against an independent benchmark. This justifies the trust our customers place in us in currency management. We not only apply best price execution, we also prove it.”
Simon Wesch
Senior Currency Manager at Metzler Capital Markets.
“Cost efficiency and transparency are a fundamental part of Records service, and we are confident that working with New Change FX will only strengthen what we can offer our clients”.
James Wood-Collins
Chief Executive at Record

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.