Insights

Understanding Your FX Costs

We have read with great interest the FX Week exposé of the market practises still common in the Foreign Exchange (FX) markets.  The problems highlighted in the article are of importance to investors because they serve to conceal costs and conflicts of interest from...

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The Impact of FX Costs on Performance

As we have learnt from FX Week today, there is a view held by some in the FX community that adding costs for clients through spread is just fine.  We disagree. Aside from being questionable from a MiFID2 perspective, adding just USD 1 per million means knocking of...

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FX TCA must be done to PRIIPs standards for MiFID compliance

In the hullabaloo of Christmas and getting our aggregated rate approved by the regulator, we missed this very important regulatory Q&A that was issued by ESMA on December 18th 2017.  Amongst the various clarifications, they deal with the following question in...

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Ever wondered what’s wrong with the FX business?

This article (see link below), by Eva Szalay, editor of FX Week, neatly summarises the key issue with the FX business.  Stashing fees in spread should be a source of shame to asset managers, but it continues, despite new MiFID2 requirements.  Charging investors for...

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Simplifying FX TCA

According to the JP Morgan e-Trading Trends for 2018 survey, over 50% of the bank's institutional trading clients (a sample of 400 participants) main concerns for 2018 are to do with Price Transparency or Regulatory Reporting.  The issue of achieving regulatory...

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RTS 28 Report? Sorted.

There's a lot of moaning about MiFID2, naturally, but we don't think anyone should be complaining when it comes to reporting for FX.  NCFX can automate the RTS 28 report for asset managers cheaply and easily either through an SFTP process, or via a simple file upload...

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Why you need an Independent FX Benchmark.

NCFX have achieved official recognition of their rates by the FCA under ESMA rules.  The question for FX users is how does an independent FX benchmark help, and why use the NCFX products? FX is a material issue.  FX execution is a requirement for almost everyone in...

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FCA APPROVES NEW CHANGE FX AS BENCHMARK ADMINISTRATOR

FOR IMMEDIATE RELEASE                                                                         22 January 2018 FCA APPROVES NEW CHANGE FX AS BENCHMARK ADMINISTRATOR New Change FX (NCFX) has been approved by the FCA as the first benchmark administrator for live FX spot...

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MIFID II – TOP FIVE ACTIONS THAT PENSION SCHEMES NEED TO TAKE

The PLSA has issued a list of the top 5 actions that schemes need to take ahead of Mifid.  You can read their article here.  In essence, schemes need to: Assess the value of investment research. LGPS schemes need to "Opt Up" from retail to professional status in order...

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Has the EU seen the light on FX variation margin?

European Council changes tack on FX Variation Margin Change could be afoot in the FX margining requirements under EMIR.  On 15th November, the Council of the European Union published a proposed amendment to the text.  The text includes the following on page 30 of the...

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