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).
We want everyone to be able to calculate the true cost of their FX transactions and therefore gain the ability to choose how much to pay for FX services
Incorporated in 2012, New Change FX is an award winning fintech company that specialises in delivering price transparency to the FX markets with live, regulated, independent benchmark data and analytics.
We publish the only live FCA authorised FX mid-rate benchmarks and other consolidated FX reference rates. These price streams can be used to calibrate price formation and distribution processes, to perform benchmarked execution and to perform second generation transaction cost analysis (TCA) calculations in real time
NCFX is vendor and venue neutral, our benchmarks cannot be directly influenced or targeted making them fair and objective for any user case by any market participant.
First bespoke benchmarks certified for an Exchange
Collaboration with Lumint Inc to create a holistic share class hedging service
NCFX launch world first continuous Forward FX Benchmarks
NCFX produce and release a range of informational videos for FX traders
Live API suite includes UCV and other advanced calculations
Forward Benchmark interpolation tools including APIs
Currency Options Auto-expiry project commences
Unit cost of Volatility research unveiled
Cryptocurrency rates become available as APIs
New client portal launched featuring live data & analytics
First peer2peer netting transactions on Siege FX Platform
First commercial fixing trades executed
(Subject to performance testing)
NCFX Management Team
Andy Woolmer began his career in FX at Kleinwort Benson in 1994. After periods at Citibank and Prudential he worked at SEB as Portfolio Manager for the SEB Multi-Manager Currency Funds. In 2012, he founded the groundbreaking financial technology company New Change FX, which provides an independent live streaming mid-rate for foreign exchange. He is a leading expert in transaction cost analysis, and he has been a key advisor for various global regulatory bodies over the development of independent foreign exchange benchmarks. NCFX’s clients include some of the world’s largest pension funds, asset managers, and banks.
Chief Data Officer
Toby began his career at Chemical Bank in 1993 as an FX Trader and after a period at AIG working as a Senior FX Trader and latterly Senior FX Salesperson, came to work at SEB where he became the Head of Research for the Multi-Manager Currency Funds. Since 2012 he has been involved in risk management for currency exposures and is now heading NCFX product development research into improving FX measurement processes and leading our consulting and advisory business.
Chief Finance Officer
Will’s career in finance started with Cazenove & Co in the early 1990s as an equity analyst. He spent most of that decade in Asia, where he became head of regional utilities research with SG Securities. He returned to London as a senior corporate analyst with PwC until 2005, when he set up his own investment management and corporate finance boutique, WAM Capital LLP. Will holds the CIMA Cert BA.
Chief Commercial Officer
Peter began his career in 1989 at Citibank in the Foreign Exchange department. He traded FX for various banks before moving to the Executive Search industry in the mid-nineties covering a range of financial institutions. Latterly, he served on the board of Principal Search Ltd and then founded Engage Search Ltd in 2010, a successful boutique search firm specialising in senior level Foreign Exchange appointments. At NCFX, Peter is responsible for overseeing all commercial activity.
Chief Technical Officer
Jason graduated in Real-Time Computer Design from Bristol University. Since moving to the city, he has built large scale credit and market risk analysis systems for both UBS and RBS. He also designed automated trading systems and algorithmic pricing engines for JPMorgan. Jason is an expert in big data, has designed and built a proprietary blockchain system and is experienced working with IT security and governance. As CTO of NewChange FX, Jason is responsible for all data and IT strategy and the day to day running of all systems.
Xavier Porterfield, CFA
Head of Research
Xavier began his career at Idea Global, a research house based in London in 1997. He then joined FX Concepts to work in research in 1998 and stayed there until moving back to Paris in 2009. Since then Xavier has been involved in research and development in the currency field, and has been instrumental in the development of the New Change FX benchmarks.
Head of Client Marketing
Tom began his career in Danske Bank Foreign Exchange in 1986 in Copenhagen before moving with the bank to London in 1987. From 1992 to 2002 Tom worked for Chase JPMorgan developing their Nordic franchise in FX Trading and FX Sales/Options Sales. Tom finished his active trading career at RBC London and since 2007 has focussed his trading expertise on the evolving electronic markets as a consultant to both buy and sell side businesses.
NCFX Investment Management Solutions
Specialist unit with deep knowledge of Custody and Share Class Hedging practices used within the Investment Management industry.
Paul has worked in institutional sales for over thirty years, focusing on the sales of foreign exchange products and services to the investment industry, with much of that career at HSBC where he became a Managing Director, and Global Head of HSBC Security Sales FX Sales. Since 2014 Paul has worked as an independent consultant assisting institutional clients with all things foreign exchange related. Paul continues in his role as an independent consultant, but now also joins the NCFX Team as a specialist focusing on the sale of the NFCX products to institutional clients and working closely with Lumint, a independent provider of passive hedging services to the asset management industry.
Matthieu held senior roles in tier one banks, designing, building and delivering FX execution and hedging solutions for institutional clients at BNP Paribas Securities Services and RBC Investor & Treasury Services as Global Head of FX in both firms. His responsibilities span from operations to front office trading, product and project management, business development, with a deep knowledge of investors needs in the FX ecosystem, including emerging markets. Matthieu is a now an independent consultant to the Investment Management industry and a specialist in FX solutions.