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New Change FX (NCFX), an FCA-regulated independent FX benchmark administrator, has launched NCFX Bank365®, a collaborative data feed developed with a panel of leading global banks that provides bank-sourced FX forward pricing across the curve from spot to the one-year tenor.
The product is designed to address what the firm describes as a long-standing gap in the availability of granular and consistent swaps data. NCFX Bank365® will deliver continuous, independently validated forward pricing across all good business days out to one year, with coverage planned to span G10, emerging markets, frontier currencies, and non-deliverable forwards (NDFs).
The launch follows NCFX's introduction of its independent forward curve, NCFX Forwards365®, in 2023, and extends that offering through direct collaboration with market-making liquidity providers. The contributing bank panel includes a group of leading global institutions active across G10, emerging, and frontier FX markets, with those banks involved throughout the design and build process.
Paul Lambert, Chief Executive Officer, New Change FX
Paul Lambert, Chief Executive Officer, New Change FX said:
“NCFX Bank365® represents a major step forward for the FX swaps market transparency enabling further automation of workflows. By working closely with leading global banks, we have developed a product that combines deep market insight with an independent and robust methodology, delivering consistent and transparent pricing across the full curve.”
A senior representative from one of the contributing global banks also commented on the product's development and market relevance.
A Senior Representative, from one of the contributing global banks commented:
“NCFX stands out for its independence and deep understanding of the FX swaps market. We have worked closely with the team throughout the development of this product, and as the market continues to move towards greater automation, access to consistent, high-quality data across the full curve becomes increasingly important. The ability to deliver this level of granularity across G10, emerging and frontier markets makes this a timely and valuable addition for both liquidity providers and the wider market.”
NCFX Bank365® is intended to support a range of use cases for FX market participants, including price discovery across maturities and currency segments, price construction as an input for internal curves and pricing models, post-trade analytics covering transaction cost analysis and performance evaluation, and valuations using consistent and independent pricing across the full curve.
New Change FX is an independent, FCA-regulated benchmark administrator providing real-time FX benchmark and reference data for valuation, trading, analytics, and risk management to institutions globally. The company is an authorised administrator under the UK implementation of the EU Benchmark Regulation (BMR) and is supervised by the UK Financial Conduct Authority (FCA).
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