FOR IMMEDIATE RELEASE                                                                         22 January 2018


New Change FX (NCFX) has been approved by the FCA as the first benchmark administrator for live FX spot markets under EU Benchmark Regulation 2016/1011.  NCFX produces the world’s first live, consolidated, registered spot benchmarks for FX market customers which will allow them to lower their costs.

The introduction of the NCFX benchmarks means that live FX execution can now be benchmarked against a recognised rate.  FX deals can therefore be executed and benchmarked as they arise, rather than waiting for fixing windows.  This gives freedom and flexibility to investors and their executing banks.  NCFX benchmark rates are calculated 20 times a second so market users can act in the market whenever they choose, rather than being constrained by benchmarks that are calculated infrequently.

Market users seeking objective measurement of costs can, for the first time, measure costs against a recognised and registered independent data feed.  For asset managers this means they can be sure that they are not measuring their costs in a circular way, thereby providing certainty that the reported costs are accurate.  This translates into certainty for investors and reflects a robustly independent approach to cost measurement.

Andy Woolmer, CEO of NCFX said, “The main impact of a live, independent spot benchmark is that customers of banks and brokers now have an officially recognised way of understanding costs on live transactions which will lower their execution costs. Customers no longer have to use fixing windows to achieve an objectively measured FX rate.  This creates freedom to use flexible approaches to execution and allows banks to offer new products.  The NCFX rates can be used in any situation where an objective FX rate is required, and of course they enable users under reporting obligations to report costs against a rate that won’t cause regulatory problems at a later date”.




For further information please contact:

Andrew Woolmer


New Change FX

Tel: 020 3890 7222

Mobile: 07788 132 199


Notes to Editors

New Change FX is an independent company dedicated to the measurement of foreign exchange pricing in order to deliver transparency and eliminate costs. New Change FX calculates an independent live benchmark mid-rate for 76 currency pairs in the spot market enabling market users to measure the full cost of their foreign exchange execution. NCFX calculates an additional 10,000 rates covering FX Forwards, NDFs and less liquid spot pairs.  Unlike other benchmarks this benchmark is not available on a trading platform and therefore cannot be directly manipulated.  To find out more please visit

NCFX has been approved by the FCA as an ESMA Registered Benchmark Administrator under Regulation (EU) 2016/1011.  The ESMA register of approved Benchmark Administrators can be found here:  NCFX will become an authorised person with the FCA under the EU Benchmark regulation once it is adopted into UK law through FSMA later in 2018.