NewChange FX exists solely to objectively measure FX trading results by supplying the only live, independent FX market mid-rate reference price stream available in the world. NCFX data allows market users to assess their suppliers in real time against a non-tradeable reference rate that is constructed entirely from real bids and offers in the wholesale FX marketplace. This means that NCFX reference rates are highly representative of the primary FX markets but crucially cannot be directly influenced by banks or brokers in order to make themselves look good.

Our TCA calculator relies on our independent prices as the benchmark to compare with actual trade executions, enabling our customers to meet MiFid II and other global regulatory reporting requirements that require unbiased market data.