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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.

NCFX Journey

Q1 2012

Company foundation with a focus on providing Transaction Cost Analytics services

Q1 2018

FCA authorisation as Benchmark Administrator and production of first continuous Spot FX Benchmark

Q1 2019

Launch of DVNC Options Cut Benchmark with Digital Vega

Q2 2020

Launch of DGCX Benchmark in partnership with Dubai Gold and Commodity Exchange; the first bespoke benchmark certified for an exchange

Q3 2020

Collaboration with Lumint Inc. to create a holistic share class hedging service with embedded TCA

Q3 2020

Cryptocurrency rates available as APIs in around 900 pairs

Q4 2020

Launch of NCFX Client Portal featuring live data & analytics

Q4 2020

First SiegeFX peer-to-peer FX netting transaction using NCFX Benchmarks

Q4 2020

Launch of regulated Forward FX Benchmarks for 38 currency pairs and 14 tenors

Q1 2021

Collaboration with Raidne Ltd. to complete first SIREN Benchmark commercial fixing transactions

Q1 2021

Launch of first Interpolated Forward Benchmarks out to 12 months

Q4 2021

Paul Lambert announced as new CEO

Q1 2022

James Anderson joins as new CTO

Q2 2022

Ingrid Vogel joins as new COO

Q1 2023

Launch of oracle data service for DeFi covering crypto and fiat instruments

Q3 2023

Launch of Forwards365 with live, streaming FX forward rates on all tenors up to a year

Q3 2023

Kinga Broel-Plater joins as new CCO


Collectively, our team brings deep knowledge gained across the financial services and technology sectors including extensive foreign exchange market experience. We are passionate about delivering genuine value and an unparalleled level of service to our customers.

Andy Woolmer

Andy Woolmer founded NCFX in 2012. He began his career in FX at Kleinwort Benson in 1994 after graduating from Kings College London in Modern Languages. After periods at Citibank and Prudential he worked at SEB as Portfolio Manager for the SEB Multi-Manager Currency Funds where he recognised the value of monitoring and analysing foreign exchange costs and the paucity of quality offerings. He is a leading expert in transaction cost analysis, and he has been a key advisor for various global regulatory bodies over the development of independent foreign exchange benchmarks.

Paul Lambert
Chief Executive Officer

Paul began his career at the Bank of England before working as a foreign exchange strategist for UBS and then Citibank, eventually as European Head of FX Strategy. Shifting to the buy-side of the market, Paul joined DeAM, where he became Global Head of Currency. Paul held similar leadership roles at UBS Asset Management and Insight Investment. He also founded and successfully led a global macro hedge fund for Polar Capital. Paul has a unique perspective and the ideal experience to lead NCFX, a company passionate about fairness and efficiency in the foreign exchange market.

James Anderson
Chief Technology Officer

James joined NCFX with over 20 years of experience in senior technology roles in oil and gas, consulting, and financial services. As its CTO, James led the FCA’s transformation to a data-led, cloud-based, digital innovator. Leading the technical implementation of directives such as MiFID2, the creation of the FCA’s cloud guidance, and the onboarding of firms to AIFMD has also given James insight into the mechanics and intent of regulation. As head of the engineering team at NCFX, he is applying his passion to develop leading-edge technology solutions.

Ingrid Vogel
Chief Operating Officer

With more than 20 years in the financial services industry, Ingrid has experience in enabling growth and transformation in complex environments. Before joining NCFX, she was at derivatives exchange Eurex where she held multiple management roles over 10 years, including heading market operations, business strategy, and key technology, compliance, and corporate integration projects. Prior to that, she focused on regulatory strategy for the exchange. She holds a bachelor’s degree in economics from Stanford and an MBA from INSEAD.

Kinga Broel-Plater
Chief Commercial Officer

Kinga started her career in FX sales on the trading floors of Citibank and then JPMorgan, and since has accumulated over 20 years of experience within entrepreneurship, technology, sales and trading environments, running global teams across a variety of assets classes.

More recently, she has led the startup incubator at Minc in Sweden, been involved as board member and investment manager in a Nordic seed investment fund, and helped numerous tech startups on their path to successful growth.

Kinga holds an MSc in Business Administration and Finance from Lund University and National University of Singapore.

Toby Johnson
Chief Data Officer

Toby began his career at Chemical Bank in 1993 as an FX Trader and after a period at AIG working as a Senior FX Trader and latterly Senior FX Salesperson, came to work at SEB where he became the Head of Research for the Multi-anager Currency Funds. Since 2012 he has been involved in risk management for currency exposures and is now heading NCFX product development research into improving FX measurement processes and leading our consulting and advisory business.

Will Beck
Chief Finance Officer

Will’s career in finance started with Cazenove & Co in the early 1990s as an equity analyst. He spent most of that decade in Asia, where he became head of regional utilities research with SG Securities. He returned to London as a senior corporate analyst with PwC. In 2005, he set up his own investment management and corporate finance boutique, WAM Capital LLP. Will holds the CIMA Cert BA.

Andrew Dyson
Non-Executive Director

Andrew Dyson was Chairman and Chief Executive Officer of PGIM Quant Solutions, a $120bn asset manager, from 2017 until 2022. He is currently a non-executive director of Adjuvo, an early stage investing network, and of New Change FX, a currency analytics and benchmarking business.  Prior to joining PGIM Quant Solutions, Andrew was Executive Vice President at Affiliated Managers Group, Inc., responsible for managing their central global distribution platform, and a Named Executive Officer of this S&P 500 company.  Before that, he was Head of BlackRock’s Global Institutional Client Business following the merger of BlackRock and Barclays Global Investors. Prior to moving to asset management roles, Andrew was Head of US Multinational Investment Consulting and Head of UK Pension Fund Investment Consulting for William M. Mercer, and a Worldwide Partner there. 

Peter Harwood
Director of Business Development

Peter began his career in 1989 at Citibank in the foreign exchange department. He continued to trade FX for a number of banks before moving to a more corporate role in the financial services industry. Peter joined NCFX early in its existence and has been a key driver of its commercial success. Through close client interaction and fostering partnerships with major financial organisations, he helped drive product development and innovation. Peter remains a key contributor to NCFX product and sales strategy.

Xavier Porterfield, CFA
Head of Research

Xavier began his career in 1997 at Idea Global, a research house based in London. He then joined FX Concepts to work in research in 1998 and stayed there until moving back to Paris in 2009. Since then, Xavier has been involved in research and development in the currency field. In 2014 he joined NCFX, where he has been instrumental in the development of NCFX benchmarks and analytics tools. Xavier is committed to deliver innovative solutions for our clients to drive down their foreign exchange costs.

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

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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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