News & Insights

New Change FX (NCFX), the leading provider of independent, BMR-compliant FX and crypto benchmark data, today announced the launch of its Model Context Protocol (MCP) server. The new cloud-based MCP enables banks, asset managers, hedge funds, and financial technology providers to connect AI Large Language Models (LLMs) — such as Anthropic’s Claude — directly to NCFX’s independent benchmark data, without the need for custom integration infrastructure. Key Benefits for Institut

New Change FX (NCFX) is proud to announce it has been recognized with two prestigious titles at the Euromoney Awards 2025 :  World’s Best FX Benchmark Provider   World’s Best Solution for FX Forwards     These awards highlight our mission to deliver independent, conflict benchmarks and analytics that bring greater transparency, efficiency, and precision to the global FX markets.  Unlike providers reliant on indicative dealer quotes, our data is built on independent methodolog

Our Expected Spread Model empowers our clients to anticipate, assess, and optimise the cost of FX transactions with unprecedented clarity. The Problem with Historical Averages Traditional methods of estimating FX spreads rely on backward-looking databases of past trades. While intuitive, these approaches often fail due to inconsistent data, inadequate granularity, and a lack of real-time relevance—especially in the forward market where credit and market structure dynamics mak

New Change FX (NCFX) is proud to announce that it has been awarded the 2025 IMD/IRD Award for Best Data Analytics Initiative by WatersTechnology, recognizing its innovative product, Forwards365™, for its transformative impact on the sell-side FX market. In a record-breaking year for submissions, Forwards365™ stood out for its ability to bring automation, transparency, and real-time analytics to the complex world of forward FX trading. The award highlights NCFX’s commitment to

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 context,” according to leadership expert Simon Sinek. We agree with Sinek and believe the evolution of the foreign exchange market is inextricably linked to the availability of accurate, unbiased and granular data.  The landscape of foreign exchange trading has undergone a seismi

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 paramount. New Change FX’s Options Cut process is rapidly becoming the industry standard for automating the expiry of foreign exchange options, and for good reason. As price makers and takers strive to reduce costs and reallocate resources towards more profitable ventures, operational

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 fragmented FX market, reaching consensus on clearing rates is a complex task. A transparent and reliable benchmark is essential, and the NCFX Options Cut is emerging as an effective solution.  FX markets rely on two concurrent systems for price discovery: the continuous auction mark

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 digitised, data analysis has become an indispensable component of the ecosystem. With more data at firms’ disposal than ever before, Transaction Cost Analysis (TCA) is playing a crucial role in helping them fine-tune their strategies. John Stead, Director of Sales Enablement, Strategy,

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 automated FX option expiries. In the complex landscape of FX markets, where reaching consensus on market clearing rates can be challenging, a robust and transparent benchmark is essential[2]. The NCFX FX Options Cuts represent a special use case for benchmarks, given the decentra

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 highlights his experience in asset management, emphasizing the need for reliable data in swap trades, particularly as the market shifts from zero to non-zero interest rates. They delve into the recent ECB regulatory changes impacting excess reserves and FX swap pricing, stressin

NCFX Forwards365™ and NCFX Basis365™ - Revolutionizing price discovery in the FX swaps markets for buy- and sell side market...

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 the most important when considering the cost of transactions? The FX market has a turnover exceeding USD 7.5 trillion per day. Trading in spot accounts for less than 30% of that. We find most day-to-day spot transactions by asset managers are generally small, at less than USD 5 m

With the NCFX Currency Options Cut, NCFX publishes live official benchmark price updates that are used to determine the underlying market...

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

The evolution of Transaction Cost Analysis away from a ‘box ticking’ exercise towards making TCA relevant to execution continues apace....

Without wishing to provoke unpleasant memories of being forced to eat your greens, we would like to explain why consuming high-quality,...

Executive Summary A new study of share class hedge returns conducted by Lumint Corporation and New Change FX (NCFX) reveals significant...

Xavier Porterfield, Head of Research at New Change FX (NCFX), introduces NCFX's new approach that allows fair comparison of liquidity...

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 EURUSD might be considered very tight under certain conditions, but unjustifiably high in other circumstances. At present analysis of transaction costs is not dynamic across differing market conditions, so Broker A might be circumstantially better than Broker B, but when those ci

An often overlooked problem in transaction cost analysis is endogeneity. The term arises from econometric analysis. It describes how the...