Insights

MiFID 2 and your FX execution policy.

They unbridled joy of reading MiFID 2 in full should not be missed, but in case you're a little busy with other things, here is the NCFX summary of the key points from MiFID 2 (and a few other pieces of regulatory legislation) as they related to Foreign Exchange: A...

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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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FX TCA: The Regulators Speak.

Foreign Exchange and the Transaction Cost Analysis obligation. The world of Transaction Cost Analysis (TCA) has now been greatly simplified by the regulators, with a clear and simple definition that unequivocally applies across asset classes.  Byzantine processes that...

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FX Transaction Cost Analysis defined by European Regulators

Foreign Exchange Transaction Cost Analysis (TCA) has historically been an ill-defined topic, with suppliers offering subjective interpretations according to their own goals.  In addition, many asset managers have apparently felt that TCA is unnecessary.  This is...

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What Your Benchmark Won’t Tell You.

The Investment Association has recently drawn attention to the question of implicit, or hidden fees in asset management.  The IA’s report, Investment Costs and Performance: Empirical Evidence of UK Fund Industry Delivery was dismissive of hidden fees, suggesting that...

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FX Benchmarks. Everyone’s a loser baby.

FX is back in the headlines, but the issue is the same as ever. A bank, or rather the staff at a bank, stand accused of manipulating the FX markets to profit from an unsuspecting client's FX need. Why did this situation arise, and how have things changed since to stop...

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Quo Usque Tandem Abutere, Oh WMR, Patientia Nostra

How long, oh WMR, will you keeping on trying our patience? Cicero’s opening line in his denunciation of Cataline may seem an odd way to comment on the arrest of an FX trader accused of wire fraud in the US. The subpoena asserts that a buy-side client received a raw...

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Foreign Exchange Transparency In Difficult Times

  We've heard a great deal about liquidity in FX markets recently.  It's vanishing at a rate of knots, according to some.  According to us, it was never really there.  It suits certain market participants to give the illusion of liquidity, but even using the 2013...

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FX Week TCA Provider of the Year

We are delighted to have won the FX Week award for the Best TCA Provider. That makes it two years in a row that we've been honoured to receive an award from FX Week. So many thanks to them.  We believe that the keys to winning are:  Our independent data.  We are not a...

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