TCA tools powered by independent data.

Enhancing transparency. Objectively measuring.

The only ESMA registered and FCA authorised administrator of live spot FX benchmarks.

We are the only TCA provider in the world to calculate its own consolidated FX data feed. Don’t pay more for TCA that isn’t independent.

Our intuitive, easily accessible tools powered by NCFX data mean you can measure your FX costs easily and accurately. In fact, it can be 100% automatic if you like. All our TCA tools use our live, independent mid-rates. This gives you the level playing field you need to measure your FX costs. Objectively.

To find out about how to access NCFX TCA, simply contact us.

Why use NCFX Analytics?



We’ve made things simple. We offer full automation of TCA processes. Contact us, get set up and have your reports downloaded direct to your own bespoke desktop. Easy.
All our TCA tools use our live, independent mid-rates


We offer six measurements and benchmarks right out of the box, meaning that however you want to measure your FX business, we can provide the answer at the click of a button.
All our TCA tools use our live, independent mid-rates


You’re in control of your trades. We have built our applications so that we never see or store your deals, so your data remains secure. SFTP can be set up within your firewalls.

Clearly Priced

You pay us (ideally) and that’s that. We see FX TCA as a cost of doing business that should be paid by Asset Managers so we don’t add ticks onto transactions. We charge up to GBP36,000 for analytics and that’s it.


The Unit Cost of Volatility at the 4pm Fix

The 4pm Fix conducted in London is a seemingly immovable feature of the Foreign Exchange (FX) markets. The Fix is still widely used by corporations and asset managers, despite the controversy over the wisdom of its use.  To provide a fresh look at the issue, NCFX has...

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Why Market Impact Matters

A common misconception of FX market liquidity is that it is plentiful, and so market impact does not matter. A dive down into the BIS triennial survey data shows that FX markets are far less liquid than people think, and market impact is a driver of transaction costs...

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New Change FX launches new suite of Foreign Exchange APIs

New Change FX (NCFX) is proud to announce the launch of a new suite of Foreign Exchange APIs that provide customers with access to NCFX TCA Calculations and Models as well as access to regulated NCFX FX Benchmark data. Within the API suite we are pleased to add new...

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