TCA tools powered by independent data.

Enhancing transparency. Objectively measuring.

We are the only TCA provider in the world to calculate its own consolidated FX data feed. Don’t pay more for TCA that isn’t independent.

Our intuitive, easily accessible tools powered by NCFX data mean you can measure your FX costs easily and accurately. In fact, it can be 100% automatic if you like. All our TCA tools use our live, independent mid-rates. This gives you the level playing field you need to measure your FX costs. Objectively.

To find out about how to access NCFX TCA, simply contact us.

Why use NCFX Analytics?



We’ve made things simple. We offer full automation of TCA processes. Contact us, get set up and have your reports downloaded direct to your own bespoke desktop. Easy.
All our TCA tools use our live, independent mid-rates


We offer six measurements and benchmarks right out of the box, meaning that however you want to measure your FX business, we can provide the answer at the click of a button.
All our TCA tools use our live, independent mid-rates


You’re in control of your trades. We have built our applications so that we never see or store your deals, so your data remains secure. SFTP can be set up within your firewalls.

Clearly Priced

You pay us (ideally) and that’s that. We see FX TCA as a cost of doing business that should be paid by Asset Managers so we don’t add ticks onto transactions. We charge up to GBP36,000 for analytics and that’s it.



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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