FCA-authorised benchmark provider New Change FX (NCFX) used 2025 to strengthen its position as an independent source of reference pricing across the FX market. Its work over the review period was shaped by an ambition to make neutral, continuously updating benchmark data available wherever currency risk is priced, cleared or settled.
At the heart of these efforts sat two benchmark infrastructures. The NCFX Spot Benchmark provides independent reference pricing for around 65 currencies and precious metals, refreshing roughly every 50 milliseconds.
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