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The Challenge A large European asset manager seeking to hedge foreign currency exposures typically buy forward contracts. While effective, this strategy introduces costs and execution challenges: Many investors roll their hedges at month-end, a long-standing convention originally designed for operational convenience in a pre-digital world. Over time, this practice has become crowded, leading to skewed pricing and wider bid/offer spreads. Today, clients are increasingly seeki

Challenge In traditional lit markets, where order books are published (market data feeds) and trade counterparties disclosed, global FX market participants executing large transactions risk seeing their own activity identified, exploited, and experience higher execution cost as a result. Solution Siege’s MidPool is a unique all-to-all Spot FX mid-matching venue which allows participants to trade anonymously and reduce market impact. To operate, the mechanism requires an indep

Executive Summary Redwheel, a specialist asset manager, decided to fully outsource its FX execution to an external supplier but needed to maintain effective oversight. Challenge With execution now handled externally, Redwheel required a dependable way to ensure transaction costs remained within pre-agreed limits—supported by clear accountability and a rapid path to remediation when limits were breached Solution NCFX deployed its Transaction Cost Analysis (TCA) platform with a

Executive Summary Digital Vega (DV) is a leading provider of OTC FX option trading and workflow services. Since its founding in 2009, DV has worked across the global foreign exchange ecosystem, serving large, regional, and private banks, agency brokers, asset managers, and hedge funds. One persistent challenge in the FX options market has been the expiry rate-setting process. Traditionally, the writer of an option sets the rate deemed “prevailing” at expiry. This practice rai

Executive Summary In this case study we present how NCFX forward FX Benchmarks are used by EEX to accurately value the forward curve for EEX TTF Natural Gas Month ($/MMBtu) Futures using bespoke FX rates provided by NCFX that accurately correspond to future exchange settlement days. Challenge In light of recent geo-political climate with renewed focus on global energy security, there is growing demand for better interoperability between energy markets to support more flexible