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

DATA

NCFX Spot API Collection

CALCULATIONS

NCFX Implementation Shortfall API
NCFX Market Impact API
NCFX Decay API
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.
BENCHMARKS
NCFX-MI Benchmark Statement
SIREN Benchmark Statement
NCFX-BI Benchmark Statement
Benchmark Register
NCFX continually measure the global FX markets to record a live, independent FX midrate.
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Why use NCFX Data?

FX midrate

Accurate

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

Independent

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

Clear

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

Accessible

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.
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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.
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Insights

The Unit Cost of Volatility at the 4pm Fix

May 20, 2020

The 4pm Fix conducted in London is a seemingly immovable feature of the Foreign Exchange (FX) markets. The Fix is still widely used by corporations and asset managers, despite the controversy over the wisdom of its use.  To provide a fresh look at the issue, NCFX has...

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Why Market Impact Matters

Mar 19, 2020

A common misconception of FX market liquidity is that it is plentiful, and so market impact does not matter. A dive down into the BIS triennial survey data shows that FX markets are far less liquid than people think, and market impact is a driver of transaction costs...

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New Change FX launches new suite of Foreign Exchange APIs

Mar 5, 2020

New Change FX (NCFX) is proud to announce the launch of a new suite of Foreign Exchange APIs that provide customers with access to NCFX TCA Calculations and Models as well as access to regulated NCFX FX Benchmark data. Within the API suite we are pleased to add new...

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