Company Overview

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).

Our Mission

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

Our Company

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.

Our Journey

  • DVNC Options Cuts

    Q1 2020

    Currency Options Auto-expiry project commences

  • UCV Research

    Q2 2020

    Unit cost of Volatility research unveiled

  • Crypto

    Q3 2020

    Cryptocurrency rates become available as APIs

  • NCFX Client Portal

    Q4 2020

    New client portal launched featuring live data & analytics


    Q4 2020

    First peer2peer netting transactions on Siege FX Platform

  • SIREN Benchmark

    Q1 2021

    First commercial fixing trades executed

  • NCFX NDF Benchmarks

    Q2 2021

    (Subject to performance testing)

NCFX Management Team

Andy Woolmer


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.

Toby Johnson

Chief Data Officer / Interim Chief Technical 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.

Will Beck

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.

Peter Harwood

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.

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.

Tom Nielsen

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 Duprey

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 Herbeau

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.

Corporate Responsibility

New Change FX adhere to the principles set out in the following international codes of ethical conduct: OECD Guidelines for Multinational Enterprises, UN Global Compact, UN Guiding Principles on Business and Human Rights, ILO Conventions: Child Labour (C138, C182); Forced Labour (CO29, C105); Discrimination (C100, C111); Freedom of Association (CO87, C098).