NCFX is the only FCA authorised administrator of live spot and forward FX benchmarks. Prior to 1st Jan 2021 NCFX was on the ESMA Benchmarks Register.
NCFX benchmarks can be referenced by EU supervised entities until the end of the extended BMR transition period (currently 31st Dec 2023).

NCFX is an award winning fintech company.

We specialise in delivering price transparency to the fragmented FX markets with live, independent, regulated benchmarks and ground-breaking analytics.

Our unique, objective data and TCA tools deliver transparency to ensure best execution, operational efficiency, and regulatory compliance in all FX transactions.



NCFX data and benchmarks are created by aggregating live price feeds from multiple venues.

We calculate a streaming, consolidated FX mid-rate hundreds of millions of times a day. We take no data from any underlying price maker directly to ensure that our rates cannot be manipulated whilst always reflecting the market mid-rate.

We publish mid-rates in Spot, Forward, NDF and Crypto currencies.

We provide continuous benchmarks in Spot and Forward currencies including interpolated dates and derive point in time benchmarks in Spot currencies for NAV calculations.

Our clients come from all market sectors and geographies globally including central banks, sovereign wealth funds, pension schemes, banks, asset managers, asset consultants and major corporations.

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50 millisecond update frequency

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Over 200 million official benchmarks published daily

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Over 10,000 currency pairs and forward tenors

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5 years of granular historic data


NCFX transaction cost analysis (TCA) tools will increase your FX intelligence and improve your FX performance

  • Forensically measure and monitor your FX transactions
  • Understand and control your FX implementation costs
  • Objectively compare counterparts, systems or processes
  • Understand the actual value of your FX business
  • Quantify the cost of market making to clients
  • Set up bespoke reporting to meet regulatory demands across multiple jurisdictions
  • Ensure compliance and operational efficiency in all FX transactions
  • Develop and verify best execution policy framework
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Regulated and live

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We are not a broker

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Integration to any system

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Data you can rely on

NCFX partners

Why choose NCFX?

We are unique because we are objective and independent with no vested interest where you trade.  We are not a brokerage and we offer no trading services.

FX execution cost-chains can be highly complex. They include many entities that are paid through your execution flow, so the more trading volume you do with them, the more they earn. This includes custodians, banks, brokers, market-makers, analytics providers, FX aggregation platforms and so on. The interest of each participant is to look as cheap as possible, so taking TCA results from anywhere inside the chain gives you the wrong answer.

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We charge transparent, set amounts for our services. We charge you directly instead of taking hidden fees from your trading counterpart as your deals are being executed. This means we are not inclined to favour one bank, broker or platform over another.

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We use NCFX mid-rate data in calculations because independent data is key to objective measurement. As the NCFX data is not directly available for trading your counterpart cannot influence it. Without independent data you have no idea of your execution costs and cannot compare brokers.

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We deliver your FX solution automatically without manual intervention and without requiring your data to leave your secure IT environment. We never use or sell your trade data, focussing instead on helping you achieve more efficient FX execution outcomes.

Measurement from inside the cost-chain does not measure all aspects of the cost-chain itself; for example platform latency and associated costs are missed. So if a complete understanding of costs and improving execution efficiency is important to you, then you need NCFX independent data and analytics.

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