News & Insights

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

With the NCFX Currency Options Cut, NCFX publishes live official benchmark price updates that are used to determine the underlying market...

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...

Xavier Porterfield, Head of Research at New Change FX (NCFX), introduces NCFX's new approach that allows fair comparison of liquidity...