FX midrate

Objective data.

Without it you aren’t measuring anything.

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

NCFX began calculating live FX midrates in 2012 because we realised that FX TCA isn’t worth the paper it’s written on if the data comes from inside your cost-chain.

Using data that comes directly from a trading platform which directly forms part of your cost, or data that comes from a source that can be used to execute your business by your bank or broker means that you are measuring inside the cost-chain. As soon as FX data comes from within your FX cost chain, the possibility is that you have a result that suits the cost-chain, and not you.

Use independent data to ensure meaningful comparisons between your trading choices.

NCFX offer Spot and Forward Benchmark Data and Calculations directly via API’s
New Change Currency Consultants Ltd, which trades as New Change FX or NCFX, is authorised by the FCA (FRN:793983) to carry on the regulated activity of administering a benchmark under Part 4A of the Financial Markets and Securities Act 2000, pursuant to Article 34 of the (EU) Regulation 2016/1011, and can be found on the ESMA Benchmarks Register.
NCFX continually measure the global FX markets to record a live, independent FX midrate.

Why use NCFX Data?

FX midrate


NCFX data is created by aggregating aggregated live market bids and offers in real time. We don’t use any post-trade data and we only take data at ‘institutional’ size to avoid using information from ‘fishing’ orders to create an accurate midrate that reflects the live market mid.
FX midrate


NCFX Data is only available as a reference feed, and not as a trading feed. It is unique in the FX markets as it is the only source of live, aggregated data that is created in precisely the same way as the prices you trade on – but cannot be traded.
FX midrate


We charge for our services in a clear and straightforward way. We do not add fees to trading prices in order to benefit from the client flows.
FX midrate


NCFX data is available via FiX Cross-Connect, FiX API or Rest API so take your pick and start building your apps on strong, reliable data.
A solution for all your FX data needs. As an FX data specialist, we’re happy to provide our data for all purposes. Please get in touch to discuss your needs.


Share Class FX Hedging Research Paper

Lumint Corporation and New Change FX (NCFX) have conducted analysis of the relative performance of hedged and unhedged share classes of funds in order to quantify the effect of the foreign exchange (FX) element of their investments. To read the full report paper...

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The Unit Cost of Volatility

One of the challenges market participants face when analysing their FX transaction costs is how to compare results across different currency pairs and volatility regimes. A given spread for 1 million EURUSD might be considered very tight under certain conditions, but...

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