News & Insights

Seeing Beyond the Peg: The Value of NCFX Crypto Data in Understanding Stablecoin Dynamics   The recent explosive growth of stablecoins has reshaped the digital asset landscape, offering traders and investors a bridge between traditional finance and the crypto economy. Yet, as the market has learned time and again, stability can be more complex than a price that appears “close to one.”  On the evening of 10th October (UK time) , digital asset markets saw a sharp selloff across

Expanded Currency Coverage for NY Options Cut.   As part of our ongoing service enhancements, New Change FX (NCFX) has expanded its...

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,

Background In my career, I have led the currency departments at some of the largest asset managers in the world. This experience provided...

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

Granular Data Powers Up Forward FX Strategies: Unveiling EUR/USD Curve Nuances Foreign exchange (FX) markets thrive on precision. However, navigating forward FX contracts often relied on broad data points, leaving users vulnerable to hidden risks and missed opportunities. New Change FX is changing the game with its granular data on forward FX curves, particularly for the EUR/USD forward curve, the world's most traded instrument. ECB Update Drives Month-End "Turns" Back into F

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

Electronification has steadily increased in FX over the years, and has spawned new stakeholder needs. Proving commercial viability and...

The USD/JPY currency pair has long been a focal point for currency hedgers, investors, and traders. The sharp appreciation of the Yen in...

Drawing on data from New Change FX, Eva Szalay writes in The Banker about the impacts of the move by the US Securities and Exchange Commission to require T+1 day instead of T+2 days for settlement of US equity transactions. You can read the full article here .

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

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

When measuring in FX, an Independent Benchmark makes all the difference. The emergence of independent mid-rates has made price opacity optional. To paraphrase Gibson, a fair and efficient FX market is already here, it’s just not evenly distributed yet. Let’s establish what makes a mid-rate independent and then examine how independent mid-rates are being employed in a number of different market solutions to distribute the benefits of price transparency beyond market insiders.

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...

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

The 4pm Fix conducted in London is a seemingly immovable feature of the Foreign Exchange (FX) markets. The Fix is still widely used by...