RBS partners with New Change to deliver independent TCA FX tool
The Royal Bank of Scotland plc (“RBS”) has chosen New Change Currency Consultants Limited (“NCFX”) to deliver an independent way for large corporate and financial institution customers to measure “slippage”1 and run a portfolio analysis of their currency trades against NCFX mid-market rate data.2
The NCFX mid-market rate data is available through a Transaction Cost Analysis (“TCA”) application on RBS’s award-winning3 Agile MarketsTM digital platform, which also provides foreign exchange (“FX”) execution and trade confirmation capabilities, and enhances existing TCA capabilities on the platform.
Andrew Woolmer, CEO of NCFX, said: “NCFX believes that this is a significant step forward for the clients of RBS seeking enhanced transparency and objective measurement in their FX execution. By providing the tools to measure costs objectively, independent transaction cost analysis can be performed. In addition, by providing advanced execution tools that reference the objective NCFX mid-market rate, we are able to assist clients in achieving best execution.”
Daren Blaker, Head of Currencies Sales, EMEA, at RBS Corporate & Institutional Banking, said: “RBS’s partnership with NCFX demonstrates our commitment to providing more transparent ways for our large corporate and financial institutional customers to measure the effectiveness of their FX trading strategies. Allowing our customers to benchmark their performance to an independent provider is a core part of that commitment. We also provide a range of algorithmic execution for FX flow and gamma4 trades through our RBS Agile engine that is available via RBSMarketplace, Bloomberg, FX Connect and Thomson Reuters FXall.”