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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

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

Background In my career, I have led the currency departments at some of the largest asset managers in the world. This experience provided...