News & Insights

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...

An introduction to New Change FX New Change FX (NCFX) was founded in 2012 with the goal of providing clients with an independent means of...

New Change FX conduct a good number of research pieces for asset owners and asset consultants every year. We conduct Transaction Cost Analysis (TCA) on data submitted by asset managers in order to assess the cost of the manager’s FX execution. This activity might take place as part of an ongoing process to check costs being incurred by managers, or as part of a process to select a new manager. What is clear from having conducted this process for some time now is that FX is ta