Market Insights

Automating the FX Forwards market one step at a time...

NCFX Options Cut: Automating the FX Forwards market one step at a time Revolutionising options expiry with automation In the ever-evolving foreign exchange market, the need for efficiency is paramou...

MAR 27, 2025

Unlocking the Power of Granular FX Forwards Data

Unlocking the Power of Granular Data to Transform the Forward FX Market: Insights from New Change FX “Transparency is not the same as looking at data; it is the ability to see and understand data in ...

MAR 27, 2025

NCFX Options Cut: A new market standard

NCFX Options Cut: A new market standard The NCFX FX Spot mid-rate benchmarks are becoming the preferred standard for clearing and determining automated FX option expiries. In the decentralized and fra...

NOV 28, 2024

The Analytics Edge: Transforming the FX Markets

The analytics edge: Transforming the FX markets The steady rise of electronification in FX markets has ushered in a new era of data-driven decision-making. As the FX execution workflow becomes digitis...

NOV 28, 2024

Options Cut White Paper

NCFX Options Cut Methodology – Fast Becoming the Market Standard The NCFX FX Spot mid-rate benchmarks[1] are increasingly being adopted as the benchmark rate for the clearing and determination of a...

SEP 10, 2024

Yen Volatility Resurfaces, but Forwards365™ Offers T...

The USD/JPY currency pair has long been a focal point for currency hedgers, investors, and traders. The sharp appreciation of the Yen in early August once again brought the Japanese currency into the ...

AUG 19, 2024

Improving Currency Hedging Outcomes: New Change's Da...

Background In my career, I have led the currency departments at some of the largest asset managers in the world. This experience provided me with invaluable insights into the mechanisms and strategies...

JUL 16, 2024

The Full FX Unfiltered – with New Change FX. What's ...

In the latest edition of FullFX Unfiltered, Colin Lambert of The Full FX discusses with Paul Lambert, CEO of New Change FX, the increasing importance of FX swaps and interest rate curves. Paul Lambert...

JUN 14, 2024

Granular Data Powers Up Forward FX Strategies: New C...

Granular Data Powers Up Forward FX Strategies: Unveiling EUR/USD Curve Nuances Foreign exchange (FX) markets thrive on precision. However, navigating forward FX contracts often relied on broad data po...

MAY 28, 2024

NCFX Forwards365™and Basis365™ Revolutionizing pric...

NCFX Forwards365™ and NCFX Basis365™ - Revolutionizing price discovery in the FX swaps markets for buy- and sell side market participants. The revolution that brought electronic trading to every cor...

MAR 28, 2024

e-FOREX: Next generation FX analytics: Bringing tran...

Electronification has steadily increased in FX over the years, and has spawned new stakeholder needs. Proving commercial viability and increasing efficiency are two examples that have led to data anal...

NOV 30, 2023

How much are you overpaying for your FX forward tran...

How much are you overpaying for your FX forward transactions? When thinking about FX markets, people tend to focus on spot transactions. These may be the most easily understood segment, but are they ...

NOV 23, 2023

The Banker on Settling FX in a T+1 World

Drawing on data from New Change FX, Eva Szalay writes in The Banker about the impacts of the move by the US Securities and Exchange Commission to require T+1 day instead of T+2 days for settlement of ...

AUG 29, 2023

NCFX Currency Options Cut: Mitigate uncertainty and ...

With the NCFX Currency Options Cut, NCFX publishes live official benchmark price updates that are used to determine the underlying market ‘cut’ rate for currency option expiries. We created the produc...

DEC 06, 2022

The Full FX: Year-End Basis Pressure Double 2021 Say...

The Full FX features NewChange analysis in an article about year-end funding pressures in the foreign exchange market. Read the article here ...

OCT 15, 2022

E-Forex: Why you need Independent Data to Differenti...

When measuring in FX, an Independent Benchmark makes all the difference. The emergence of independent mid-rates has made price opacity optional. To paraphrase Gibson, a fair and efficient FX market is...

SEP 14, 2021

Accounting for transaction size and market condition...

The evolution of Transaction Cost Analysis away from a ‘box ticking’ exercise towards making TCA relevant to execution continues apace. New Change FX (NCFX) is at the forefront of delivering API-drive...

FEB 12, 2021

Brokerage Services Using NCFX Data – Why is it diffe...

Differentiated Brokerage Services Using NCFX Data New Change FX (NCFX) is a data vendor, producing the world’s only live, streaming Foreign Exchange benchmarks. NCFX is regulated by the FCA as a Bench...

DEC 16, 2020

Why NCFX Data is good for you

Without wishing to provoke unpleasant memories of being forced to eat your greens, we would like to explain why consuming high-quality, independent data is good for you, and even better for your portf...

DEC 08, 2020

Data shines a light on FX hedging costs and their co...

Executive Summary A new study of share class hedge returns conducted by Lumint Corporation and New Change FX (NCFX) reveals significant underperformance of hedged share classes. FX hedging could be co...

OCT 19, 2020

E-Forex: Using the Unit Cost of Volatility to measu...

Xavier Porterfield, Head of Research at New Change FX (NCFX), introduces NCFX's new approach that allows fair comparison of liquidity providers in all market conditions. One of the challenges market p...

JUL 01, 2020

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 ...

JUN 05, 2020

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...

MAY 20, 2020

Enterprise Data Management (EDM) for FX Tick Data

In the current Financial Market landscape, data can be a major determinant of whether businesses succeed or fail. The transformative potential of big data is widely recognised. In this endeavour, comp...

MAY 02, 2020

Why Market Impact Matters

Independent Benchmark Mid-Rates for Foreign Exchange The use of benchmarks is widely accepted in both everyday life and in the world of professional investments. Mortgage interest rates are based on ...

MAR 19, 2020

Everything is Market Impact

An often overlooked problem in transaction cost analysis is endogeneity. The term arises from econometric analysis. It describes how the results of a regression analysis can be biased when both the de...

NOV 27, 2018

Fast and Fragmented Trading. The end of prime market...

It used to be that FX price discovery happened over the phone at what must seem, to a self-aware computer, an excruciatingly slow pace. These days it happens much faster, as the latest report from the...

SEP 20, 2018

How well do you understand the need for independent ...

When looking at FX costs it is absolutely crucial to understand that without independent, aggregated data that reflects pricing sources without actually being a pricing source, it is impossible to mea...

AUG 19, 2018

Lowering Your Foreign Exchange (FX) Costs through ef...

An introduction to New Change FX New Change FX (NCFX) was founded in 2012 with the goal of providing clients with an independent means of accurately assessing transaction costs in Foreign Exchange. T...

JUN 25, 2018

Paying too much for FX?

New Change FX conduct a good number of research pieces for asset owners and asset consultants every year. We conduct Transaction Cost Analysis (TCA) on data submitted by asset managers in order to ass...

MAY 29, 2018

The Cost of Poor Foreign Exchange Execution

Considerable steps are being made in cost transparency. It is however apparent that where foreign exchange (FX) is concerned, there is still a need to explain the drag on returns that comes from poor ...

MAR 16, 2018

Shining a light on the true costs of trading foreign exchange.

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