New Change FX release NCFX Forwards365, a new zero-interpolation live stream for swap points

For immediate release- 09 October 2023

New Change FX release NCFX Forwards365, a new zero-interpolation live stream for swap points. 

New Change FX are pleased to announce the release of a new streaming swap data service.  The service is called NCFX Forwards365 after its key feature of each broken date being individually calculated, rather than relying on interpolation of other points to arrive at a value.  In addition to the NCFX Forwards365 service, New Change FX will shortly be releasing a live basis stream, Basis365. NCFX Forwards365 streams all business for the next 12 months of information and not just key dates. 

The main features of NCFX Forwards365 are: 

Every date streamed. 

• The NCFX Forwards365 stream provides mid rates for ALL dates out to 1 year in the stream, rather than just standard tenors.  This is an important step for the FX markets, enabling electronic pricing and trading of non-standard tenors and spreads. 

Market-maker methodology. 

• Special dates and non-standard tenors are calculated from the perspective of the market-maker, rather than using interpolation.  This reflects an accurate view of pricing from the market-maker’s point of view meaning that all users can understand pricing in real time.   
• For traders this provides an accurate view of where the neutral price for a given tenor is trading to triangulate with their own view of the price and their inventory.   

Visualise curves in real time. 

• As a live service, users can connect to data via FiX or call the New Change FX RestAPI where live or specific data is required for trading or modelling.  Data can also be seen in real-time curves via the New Change FX user screens. 

The past is present. 

• The NCFX Forwards Database gives access to granular historical data for both market pricing and behaviour around turns and for basis.   

Supporting multiple user cases. 

• Providing a strong, independent backbone for the electronic trading of swaps. 
• Making the trading of spreads much simpler. 
• Enabling the independent valuation of swaps. 
• Making basis a transparent component of trading. 
• Improving TCA and other forms of analysis. 
• Enabling the buy-side to select best dates for trading.  

Paul Lambert, CEO of New Change FX said “We are extremely proud of the NCFX Forwards365 product.  It has been a long and complex process to systematise the construction of accurate curves without using any interpolation, but the result is superb.  Users can be sure that each point that they need to find a value for is individually calculated rather than being subject to what is inherently guesswork when using interpolation.  This, coupled with the fact that users can stream 365 days of data rather than having to calculate each point will deliver significant change to the electronification of the swaps market”. 

ENDS 

To book a 30 min demo with us click here!

For further information please contact: 

Kinga Broel-Plater, Chief Commercial Officer

E-mail: kinga.broel-plater@newchangefx.com 

or your Sales representative. 

Notes to Editors 

New Change FX is an independent company dedicated to the measurement of foreign exchange pricing to deliver transparency and eliminate costs. New Change FX calculates independent benchmark rates which are published in real-time and used to support live trading processes. NCFX do not offer market access, trading or brokerage services and therefore users cannot directly influence the NCFX Benchmark calculation process.  

To find out more please visit www.newchangefx.com.  

The EU Benchmark Regulation ((EU) 2016/1011 of the European Parliament and the Council of 8 June 2016, “BMR”) came into effect on 1 January 2018 and introduces a common framework to ensure the accuracy and integrity of indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.  

On 27 February 2018, HM Treasury in the UK passed into legislation the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018, thereby fully adopting the BMR.  

In 2018, NCFX was granted permission by the Financial Conduct Authority (FCA) in the UK under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of administering a benchmark.  

In accordance with Article 27 of the BMR, NCFX provides benchmark statements for its families of benchmarks.  

NCFX can be found on the FCA financial services register with firm reference number 793983. The FCA is the sole regulatory supervisor for NCFX.