New Change FX – NCFX

Not your average FX TCA business. NCFX is not owned by a bank or broker and we don’t sell transaction data to banks. We specialise in FX TCA and when we so we do FX TCA properly. We are the only TCA business that creates benchmark FX data, and we are the only TCA provider whose data is regulated across spot, forward and NDF products by UK's FCA. If you have a requirement to know what your FX actually costs, then stop asking your bank or broker to tell you and buy TCA services from an independent, benchmarked, unconflicted expert.
Free FX TCA service - Sign up to our Client Portal here: https://portal.newchangefx.com

We offer 24 hour coverage and support.

Being founded on the principle of independent data, NCFX supplies accurate calculations that make sense whatever your choice of algo, platform, LPs etc. We have unique calculations to measure costs in a way that accounts for market conditions and transaction size. Your platform provider sells you TCA alongside execution services so that you don’t understand your market impact costs. Use NCFX to get the real picture of your costs so that you know what your choices actually cost.

NCFX offer independent TCA services with complete ambivalence to the systems and LPs you are using. Our technology means that we route trades from anywhere and everywhere, and we can route results back to wherever you require, including into systematic processes such as smart orderbooks and order routing technology. We provide data from which buyside clients can profit by using it in real time rather than allowing banks and brokers to take the data and exploit it themselves.

To analyse algos it is essential to have a rate that does not come from the platform providing the algo - otherwise your market impact cost is wrong. For the right answer you need independent data and you need calculations that take into account your trade size and the prevailing market conditions. We also supply analysis in real time so that it can be used in your SOR logic, meaning that your TCA informs your next trade in real time.

NCFX supplies Analytics APIs that are crucial to the world of AI driven FX execution. TCA should not be a dusty once a month report - it should be driving the next liquidity choice at the coalface. The value of real time calculations is that they inform that decision accurately, moving the SOR from something not at all smart, towards genuine AI driven technology that will always select liquidity according to objective, independent measures of quality.