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Options Cut
An Options Expiry Rate that is delivered in an instant, is independent and reliable
What It Is
The NCFX Options Cut “cut” is a daily benchmark rate service included in Annex A of the 1998 FX and Currency Option Definitions, co-published by ISDA and EMTA, delivering seven cuts across 56 currency pairs, plus gold and silver. The cut is drawn from the FCA-approved NCFX Spot Benchmark Feed.
What It Does
The cut provides both counterparties in an option contract with a simultaneous and objective price at expiry. It means they have no reason to fear bias or prove their objectivity and can automate the operational workflow of the expiry. Seven daily cuts cover 56 FX pairs, silver, and gold using independent, FCA-approved benchmark data with clearly defined exception handling rules for operational certainty.
What It Will Do for You
Using the NCFX cut will boost transparency and reduce operational risk by separating the roles of principal and agent in the rate applied to the expired option.
It ensures regulatory compliance with independent data requirements while mitigating potentially expensive and divisive disputes through objective pricing.
Access to the NCFX Benchmark Spot rates enable accurate hedging of open positions and seamless automation through to clearing and settlement.
Technical Details
Coverage
-
Seven daily benchmark cuts
-
56 currency pairs
-
Gold and silver
Access Methods
-
FIX API
-
WebSockets
-
RESTful API
-
Client Web Portal
-
Email
Infrastructure Resilient delivery with precise timing, constant availability, and geographic redundancy. Website GUI enables easy operational validation and checks.
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Case Study
Digital Vega is a leading provider of OTC FX option trading and workflow tools. Established in 2009, Digital Vega works with a wide group of buy-side clients covering hedge funds, private and regional banks, asset managers and agency brokers.
DVNC Options Cut: Automated Option Expiries.
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the DVNC Options Cut as a regulated benchmark Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the DVNC Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate.
The benchmark was launched in Q1 2020.
In the Press
Testimonials
Contact
NCFX Options Cut
An Options Expiry Rate that is independent, reliable and delivered instantly at expiry
What It Is
The NCFX Options Cut is a daily benchmark rate service included in Annex A of the 1998 FX and Currency Option Definitions, co-published by ISDA and EMTA, delivering seven cuts across 56 currency pairs, plus gold and silver. The cut is drawn from the FCA-approved NCFX Spot Benchmark Feed.
What It Does
The cut gives both counterparties in an option contract a simultaneous, independent, and objective expiry price. This ensures confidence in demonstrating objectivity while enabling full automation of the expiry workflow. The service covers 56 FX pairs, silver, and gold with a flexibility to add cuts on market participant request. The cuts are all FCA-approved benchmarks, based on clearly defined exception-handling rules for operational certainty.
What It Will Do for You
-
Using the NCFX cut will boost transparency and reduce operational risk by separating the roles of principal and agent in the rate applied to the expired option.
-
It ensures regulatory compliance with independent data requirements while mitigating potentially expensive and divisive disputes through objective pricing.
-
Access to the NCFX Benchmark Spot rates enable accurate hedging of open positions and seamless automation through to clearing and settlement.
Technical Details
Coverage
-
Seven daily benchmark cuts
-
56 currency pairs
-
Gold and silver
Access Methods
-
FIX API
-
WebSockets
-
RESTful API
-
Client Web Portal
-
Email
Case Study
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the NCFX Options Cut as a regulated benchmark. Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the NCFX Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate
"ForexClear has used the NCFX price feed since 2018 and supports automating FX expiries. With 2025 YTD ADV at $27.97bn—up over 100%—we look forward to expanding partnerships in deliverable FX."
— Laura James, COO, ForexClear, LCH, LSEG
Contact
Kinga Broel-Plater
Chief Commercial Officer
Kritan Ramanah
Sales Manager
An Options Expiry Rate that is delivered in an instant, is independent and reliable
What It Is
The NCFX Options Cut “cut” is a daily benchmark rate service included in Annex A of the 1998 FX and Currency Option Definitions, co-published by ISDA and EMTA, delivering seven cuts across 56 currency pairs, plus gold and silver. The cut is drawn from the FCA-approved NCFX Spot Benchmark Feed.
What It Does
The cut provides both counterparties in an option contract with a simultaneous and objective price at expiry. It means they have no reason to fear bias or prove their objectivity and can automate the operational workflow of the expiry. Seven daily cuts cover 56 FX pairs, silver, and gold using independent, FCA-approved benchmark data with clearly defined exception handling rules for operational certainty.
What It Will Do for You
Using the NCFX cut will boost transparency and reduce operational risk by separating the roles of principal and agent in the rate applied to the expired option.
It ensures regulatory compliance with independent data requirements while mitigating potentially expensive and divisive disputes through objective pricing.
Access to the NCFX Benchmark Spot rates enable accurate hedging of open positions and seamless automation through to clearing and settlement.
Technical Details
Coverage
-
Seven daily benchmark cuts
-
56 currency pairs
-
Gold and silver
Access Methods
-
FIX API
-
WebSockets
-
RESTful API
-
Client Web Portal
-
Email
Infrastructure Resilient delivery with precise timing, constant availability, and geographic redundancy. Website GUI enables easy operational validation and checks.
Options Cut
Case Study
Digital Vega is a leading provider of OTC FX option trading and workflow tools. Established in 2009, Digital Vega works with a wide group of buy-side clients covering hedge funds, private and regional banks, asset managers and agency brokers.
DVNC Options Cut: Automated Option Expiries.
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the DVNC Options Cut as a regulated benchmark Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the DVNC Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate.
The benchmark was launched in Q1 2020.
Insights
Testimonials
Contact
Case Study
Following significant buy-side demand for a solution to enable automation of the option expiry process, NCFX partnered with Digital Vega to introduce the NCFX Options Cut as a regulated benchmark Published for 84 expiries spanning the Tokyo, London, New York, Budapest, and Warsaw cuts, the NCFX Options Cut uses NCFX’s regulated mid-rate to provide the market with a neutral and transparent rate to determine the correct expiry rate
"ForexClear has used the NCFX price feed since 2018 and supports automating FX expiries. With 2025 YTD ADV at $27.97bn—up over 100%—we look forward to expanding partnerships in deliverable FX."
— Laura James, COO, ForexClear, LCH, LSEG