News & Insights

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