The latest articles and press releases

If you’re invited to dinner, it’s generally impolite to talk about money, politics, or religion. But if you truly want to ensure you’re never invited back, try steering the conversation toward regulation . No one has ever said: “Have you met Gerrald? He has some great stories about FX regulation.” Regulation may not be a page-turner, but it matters. And as any judge will remind you, ignorance is never a defence. In FX, both official regulation and the guidance set out in

New Change FX (NCFX), the independent, FCA-regulated benchmark administrator, has officially listed its datasets on the Snowflake Marketplace . Snowflake users can now access NCFX’s independent FX and crypto benchmark and reference rates — including Spot Mid-Rates, Forwards365®, and Crypto Reference Rates — directly within their Snowflake environment. This listing provides institutions with fast, secure, and native access to unbiased pricing for trading, valuation, risk, a

The world of DeFi had a bit of a growing-up moment recently. The decentralised finance (DeFi) protocol Balancer suffered a catastrophic exploit that reportedly saw over USD 100 million disappear into the digital ether. The culprits didn’t brute-force the system or crack the code. They exploited a rounding error — a tiny, almost invisible vulnerability in Balancer’s “Stable Pools.” By skimming micro-gains across thousands of transactions, they siphoned off fractions of cents t

New Change FX (NCFX) , the regulated benchmark administrator and independent provider of FX and digital-asset data, has been named “Best Market Data Provider” at the FX Markets e-FX Awards 2025 . The award recognises NCFX’s ongoing commitment to enabling automation and driving down costs by delivering transparency to global currency and digital-asset markets through its live, high-quality benchmarks and reference data. NCFX is converting years of experience and accumu

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

The cataclysmic decline in crypto prices on October 10th brought into sharp focus something that those working in decentralised markets have always known—but sometimes try to ignore: the quality of your pricing source matters. Prices Across Multiple Venues At New Change, we have produced benchmark rates in fiat currencies for over a decade. The idea of creating streaming “benchmark” rates by collecting prices across multiple venues and aggregating them into a single feed come

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