New Change FX – NCFX

New Change FX (NCFX) was founded in 2012 with the mission to provide price transparency to the FX markets with analytics built on live, independent, regulated data. We want to empower our clients to accurately evaluate trading costs and navigate towards optimal execution while achieving regulatory compliance in the complex and opaque world of foreign exchange.


Live: We calculate and publish the fair midrate in 67 currency pairs (as well as gold and silver) as benchmarks up to 20 times a second. Additionally, we provide reference rates at 1-second intervals for 2,500 currency pairs for spot, for more than 8,000 forward tenors, as well as in multiple cryptocurrencies. For our forward tenors we use three different models incorporating increasing complexity for pricing of non-standard dates.


Independent: As we do not take prices directly from market makers or offer direct trading or brokerage solutions, our rates are not subject to bias or potential manipulation and can be relied on for objective measurement.


Regulated: We produce the only continuous, officially regulated benchmark for both Spot and Forward FX. NCFX is regulated by the FCA and recognised by ESMA as a benchmark administrator under Benchmark Regulation.


NCFX offers API access to our full historical and live datasets; an extensive range of analytics including sophisticated pre-trade metrics; market leading Transaction Cost Analysis (TCA) with bespoke reporting and consultancy solutions to our global customer base.

Full Global coverage

Foreign Exchange:
Spot FX, Forward FX, NDFs, FXO

Cryptocurrencies:
Comprehensive Benchmarking across Exchanges

FIX, WebSockets and RESTful APIs are all fully supported.