Objective data.
Without it you aren’t measuring anything.
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.
DATA
CALCULATIONS
Why use NCFX Data?
Accurate
Independent
Clear
Accessible
Insights
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...
The Unit Cost of Volatility at the 4pm Fix
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...
Why Market Impact Matters
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...
