The Only End-To-End Independent TCA Build on the Foundation of Benchmark Quality Data   

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What it is

We are the only truly independent and regulated provider of inflight and post-trade Transaction Cost Analysis (TCA) services for foreign exchange markets. Only NCFX uses regulated benchmark data to measure the costs of your trades and only NCFX uses a forward curve that has the granularity to give you an accurate picture of what you’re really being charged. Because we are also responsible for the benchmark rates against which your trades are analysed, we can fully contextualise your costs and outliers. Not owned by a bank or broker, we are an unbiased third-party delivering analytics that give you complete confidence into your FX execution quality. Staffed by experts from across the foreign exchange landscape, we support our customers on a journey to reduce their costs. 

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What It Does 

Built using the latest cloud technology, we give you real-time TCA that covers the entire trade lifecycle, providing insights from pre-trade decision support through to post-trade evaluation.  

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Using regulated benchmark data at its core means fair-value mid-rates and precise FX swaps are used to evaluate trades.

Only granular forward curves can reveal the true cost of your transactions. 

The system continuously monitors your trades, measuring fill ratios, reject rates, slippage, and outliers to ensure you're getting optimal execution.  

Use Cases 

Asset managers: Make informed pre-trade decisions with transparent fair-value comparisons and expected spread analysis. Optimize execution strategies, choose the best forward date and reduce your footprint because you already have price discovery.  

For Corporate Treasurers: Check your trade costs against benchmark rates. Choose your hedge dates with confidence and trade supported by granular swap curve visibility. 

For Compliance & Risk Teams: Document best execution with comprehensive benchmark comparisons including arrival price, mid-market, and custom benchmarks. Track historical and counterparty performance to identify patterns and manage execution risk. Mark trades to market accurately. 

For Trading Desks: Monitor real-time execution quality with inflight analysis, detect outliers immediately, and compare performance across liquidity providers to drive better routing decisions. 

Technical Details 

Analytics Capabilities: 

• Real-time inflight trade monitoring and alerts 

• Pre-trade expected spread calculations for execution planning 

• Post-trade fill ratio and reject rate analysis 

• Slippage detection versus benchmark mid-prices 

• Granular forward curve construction for FX swaps 

• Price improvement and adverse execution identification 

• Multi-benchmark comparison framework (arrival price, mid-market, custom) 

• Historical trend analysis and counterparty scorecards 

Delivery & Integration: 

• Intuitive web-based GUI with secure cloud infrastructure for instant access 

• Raw data exports in CSV format or via automated feeds for downstream systems 

• RESTful APIs providing both live and historical data access 

• White-label service enabling you to embed our TCA directly into client reporting and communications 

Data Foundation: 

• Regulated benchmark data ensuring audit-ready compliance 

• Independent fair-value mid-rates free from conflicts of interest 

• Comprehensive coverage across major and emerging market currency pairs 

Transaction Cost Analysis