Insights

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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ESMA updates the PRIIPS rules

New Change FX (NCFX) welcomes the recent confirmation of the PRIIPS rules on FX transaction cost analysis (TCA).  Andy Woolmer, CEO of NCFX said: “This FX TCA clause provides a clear and firm basis on which to conduct FX TCA.  The rule clarifies that when measuring FX...

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LCH selects New Change FX to supply independent FX mid-rates

LCH has selected New Change FX (“NCFX”) to supply independent FX mid-rates for its ForexClear service. NCFX will provide an accurate and impartial measurement of the underlying spot rate at the point of expiry for FX options. LCH is planning to extend its...

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Why You Can’t Mark Your Own Exam Paper

Some thoughts from NCFX on using conflicted data to measure FX trades. The problem with conflicted data, or why you can’t mark your own exam papers… The last few months have seen a change in pace for the FX transaction cost analysis (TCA) business.  Financial firms...

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