What New Change FX does

New Change FX (NCFX) is a London-headquartered, FCA-authorised benchmark administrator founded in 2012 that produces and publishes continuous, regulated benchmark rates for Spot and Forward FX. Its core technology is a proprietary multi-route triangulation methodology that aggregates prices across multiple cross-currency routing paths weighted for liquidity quality and depth, delivering rates across 2,500+ currency pairs and producing what the company describes as the world's only continuous, officially regulated benchmark for Spot and Forward FX. The product portfolio includes the NCFX Spot Benchmark Feed, Forwards365 (independent credit-neutral forward curves with daily granularity out to one year), NCFX Bank365 (collaborative bank-panel forward pricing), Forwards & NDFs, NCFX Options Cut (co-published in Annex A of the ISDA/EMTA FX Definitions), a TCA suite, bespoke benchmark services, and a 24/7 FX from Crypto Feed covering 14 fiat currencies plus crypto data across 480+ digital tokens. Data is delivered via API, FIX, WebSocket, and Web GUI, with distribution embedded through State Street's GlobalLINK/FX Connect, Chainlink DataLink (2,500+ applications, 70+ blockchain networks), and Kaiko's Canton Network data on-ramp.

The firm operates a B2B enterprise sales model targeting asset managers, pension funds, banks, clearing houses, corporates, and increasingly DeFi/Web3 applications, monetising through recurring data subscriptions, TCA/analytics packages, and professional services for bespoke benchmarks. Named enterprise customers include LCH ForexClear (anchor client since 2018, supporting $27.97bn YTD ADV, up over 100% YoY), T. Rowe Price, and Chainlink Labs. The company is privately held with no disclosed parent, venture, or private equity backing; leadership consists of CEO Paul Lambert (two decades of FX market experience including European Head of FX Strategy at Citibank and prior senior roles at Deutsche Asset Management, UBS Asset Management, Insight Investment, and Polar Capital) and Chief Commercial Officer Kinga Broel-Plater. NCFX has no disclosed funding rounds, no M&A activity, and reports no subsidiaries.

Name

New Change FX

Legal name

New Change FX

Website

https://newchangefx.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

New Change FX is an FCA-authorised benchmark administrator producing continuous, regulated benchmark rates for Spot and Forward FX, serving asset managers, pension funds, banks, and clearing houses via subscription data feeds and on-chain distribution.

Ownership category

akta.pro rank

Product category

Financial Market Data and Benchmark Administration

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

FX Matching & Aggregation Venues (Liquidity Aggregators) (FSAFADAH)

Keywords

• FX benchmark data
• Currency reference rates
• Foreign exchange analytics
• Transaction cost analysis
• Regulated market data

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. FX Benchmark Data Subscriptions: Subscription-based access to FCA-regulated FX benchmark rates including spot, forwards, NDFs, and options data. Clients pay recurring fees for access to real-time and historical data feeds delivered via API, FIX, WebSocket, or Web GUI.
2. Analytics and TCA Services: Transaction cost analysis and execution analytics services enabling institutions to evaluate FX trading costs and benchmark against independent reference prices. Delivered as part of subscription or as separate analytics packages.
3. Bespoke Benchmarks and Indices: Custom benchmark and index creation services tailored to client-specific FX challenges, leveraging unique data sets, sophisticated tools, and deep foreign exchange experience.
4. Crypto/Coverage Data Products: Extended data products covering 24/7 crypto-derived FX rates across 14+ fiat currencies and 480+ digital tokens, available via on-chain delivery through Chainlink partnerships.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

New Change FX is an FCA-authorised benchmark administrator that produces and publishes continuous, regulated benchmark rates and analytics for Spot, Forward, and Options FX, plus crypto-derived FX pricing. Its offerings include independent FX spot benchmarks, forward curves, non-deliverable forwards (NDF) data, options fixings, transaction cost analysis, bespoke indices, and a 24/7 crypto-derived FX feed, delivered via API, FIX, WebSocket, and on-chain through Chainlink.

Product overview

New Change FX (NCFX) is an independent FX and crypto data and analytics company offering a unified platform of FCA-regulated benchmark products. The portfolio includes NCFX Bank365 (bank-sourced FX forward pricing across the full one-year curve with daily granularity), Forwards365 (live independent forward curves), the NCFX Spot Benchmark Feed (continuous regulated spot rates), Forwards & NDFs, the NCFX Options Cut (co-published in ISDA/EMTA FX Definitions Annex A), a TCA suite for pre- and post-trade analytics, bespoke benchmarks and indices, a 24/7 FX from Crypto Feed for uninterrupted weekend pricing, and broader crypto data covering 480+ digital tokens. All products are delivered via API, WebSocket, FIX, and Web GUI, with on-chain distribution through Chainlink across 70+ blockchain networks.

Differentiator

Problem solved

Functional benefit

Brands

• Forwards365: Product delivering granular, credit-neutral forward curve across all calendar dates out to one year for forward FX trading.
• NCFX Bank365
• NCFX Options Cut
• Forwards & NDFs
• NCFX TCA
• NCFX 24/7 FX from Crypto Feed

Products and services

• NCFX Bank365 A collaborative FX forward pricing data feed developed in partnership with leading global banks, providing independent, bank-sourced FX forward pricing across the full one-year curve with daily granularity for all calendar dates, addressing longstanding transparency needs in FX swaps markets.
• Forwards365 Live, independent FX forward curves delivered across every calendar day, combining accuracy, transparency, and reliability through a market-leading algorithm. Provides a granular, credit-neutral forward curve across all calendar dates out to one year, including broken dates.
• NCFX Spot Benchmark Feed The world's only continuous, officially regulated benchmark rates for Spot FX, produced and published by an FCA-authorised benchmark administrator. Rates are live and continuous rather than periodic fixings.
• Forwards & NDFs Independent benchmark data for FX forwards and non-deliverable forwards (NDFs), providing transparent pricing for restricted and emerging market currency pairs.
• NCFX Options Cut A daily benchmark rate service co-published in Annex A of the 1998 FX and Currency Option Definitions (ISDA/EMTA), delivering seven cuts across 56 currency pairs plus gold and silver, drawn from the FCA-approved NCFX Spot Benchmark Feed. Included in the 2026 FX Definitions update.
• NCFX TCA (Transaction Cost Analysis) A suite of advanced post- and pre-trade analytics tools that allow clients to evaluate FX trading costs, navigate towards optimal execution, and review past FX activity with accuracy.
• Bespoke Benchmarks & Indices Tailored benchmark and index solutions created in partnership with clients using NCFX's unique data sets and financial tools, addressing specific foreign exchange challenges for institutional clients.
• 24/7 FX from Crypto Feed A pioneering 24x7 cryptocurrency-derived FX rate feed that provides uninterrupted pricing during periods when traditional FX markets are closed, covering 14 fiat currencies and using cross-currency routing paths to construct robust consensus mid-rates. Accessible via API and consumed on-chain through Chainlink across 70+ blockchains.
• Crypto Data Crypto-asset benchmark and reference data covering over 480 digital tokens, delivered using transparent, regulated methodologies and providing institutional-grade pricing across digital asset markets. Includes a partnership with Chainlink Labs.

Quantifiable outcome

• ForexClear achieved $27.97bn ADV using NCFX price feed (up over 100% YoY)
• +2 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature7 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• State Street (GlobalLINK/FX Connect)coreChannel Partner/ Reseller/ Distributor · 6 February 2026Integration enabling GlobalLINK users to access NCFX benchmark and granular FX swaps data alongside existing historical benchmark rates. First dataset to provide transparency across FX forwards curve including broken dates, supporting client needs for accurate independent pricing beyond spot FX for hedging programmes, valuation, and execution analysis.
• KaikocoreTechnology or Integration · 7 January 2026Strategic collaboration to bring NCFX's regulated benchmark FX spot and forward rates to Canton Network. Uses Kaiko's Data On-Ramp Facility enabling data distribution on-chain while preserving NCFX as authoritative source. Allows tokenized product issuers on Canton to build products using reliable FX benchmarks with full IP protection and licensing control.
• Chainlink LabsflagshipTechnology or Integration · 18 December 2025Official partnership making FCA-regulated FX spot and FX forward benchmarks available on-chain, powered by Chainlink DataLink. Enables NCFX trusted pricing data to be consumed across more than 2,500 applications on 70+ blockchain networks. Partnership includes 24/7 FX feed launch planned for Q1 2026 delivering continuous mid-rates for major and emerging market currencies derived from crypto-market liquidity.
• Global Banks (Panel)coreTechnology or IntegrationCollaborative data feed NCFX Bank365 developed in partnership with panel of leading global banks. Provides bank-sourced FX forward pricing across curve from today to 1-year tenor with daily granularity, addressing longstanding need for independent transparent pricing in FX swaps markets.
• LCH (ForexClear)coreTechnology or IntegrationForexClear clearing house uses NCFX price feed since 2018, supporting automated FX expiries. With 2025 YTD ADV at $27.97bn, up over 100%, LCH represents major institutional client relationship.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Tradeweb Markets: Electronic trading platform operator with deep institutional FX and rates workflows, market data, and analytics offerings. Comparable as a TradFi electronic venue and data provider serving the same institutional client base as NCFX.
• Bloomberg L.P. Bloomberg Terminal and BFX deliver FX data, analytics, and trading workflows to virtually every institutional FX desk. Comparable as an FX data incumbent with far broader scale, distribution, and product breadth than NCFX, and a primary competitor for benchmark and TCA budget.
• Deutsche Börse: European exchange and market infrastructure operator providing benchmark indices (via STOXX/DAX family), FX, and data services to institutional clients. Comparable as a regulated European benchmark administrator with broader asset-class coverage.
• CBOE Global Markets: Exchange operator offering global FX, derivatives, and market data services, including proprietary indices and benchmark products. Comparable as a broader market infrastructure operator with overlapping institutional FX data and analytics capabilities.
• ICE Benchmark Administration: Operates regulated benchmarks across rates, FX, and commodities, including successor rates post-LIBOR transition. Comparable as an FCA-recognized benchmark administrator with a much wider benchmark portfolio and longer regulatory track record.

Direct peers

• OANDA: FX broker and data provider offering historical and real-time exchange rate data, analytics, and benchmark-style pricing feeds to retail and institutional clients. Comparable as an FX-focused data provider with overlapping institutional and corporate FX data use cases.
• Kaiko: Digital asset market data provider covering 100+ venues, offering institutional-grade reference rates and on-chain data distribution including through its Data On-Ramp on Canton Network. Direct peer and partner of NCFX, with overlapping institutional crypto data offerings and on-chain distribution focus.
• LSEG (Refinitiv) / WM Company: Operator of the WM/Reuters FX Fix, the dominant global FX benchmark used by asset managers, custodians, and corporations for valuation. Most directly comparable to NCFX as an institutional FX benchmark administrator with overlapping customers and similar regulatory positioning.

Others

• Chainlink Labs: Decentralized oracle network that distributes NCFX's regulated FX benchmarks to 2,500+ applications across 70+ blockchains. Functions as a flagship distribution partner and adjacent infrastructure layer for on-chain FX data, rather than a direct competitor.

Emerging players

• Coin Metrics: Institutional crypto market data and network analytics provider offering reference rates and on-chain data for digital assets. Comparable as an emerging specialist competing for institutional crypto and FX benchmark budget alongside NCFX's crypto data product.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/new-change-fx
• Xx.com/newchangefx

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about New Change FX