New Change FX – Bank365 2026

And so to the annual question – is this going to be the year in which FX swaps markets truly automate? At 20 years and counting, like a stopped clock, one year those predicting it will be right, but we’re probably not holding our breath. That said, the key to automating any market further has to be data, and over the past year there have been advances.

One of them was the launch of Bank365 by New Change FX, which, in partnership with a group of banks, provides more granular data – on a daily basis from ‘today’ to the one-year tenor. This provides a solution to the FX swaps market, especially in an era when regulatory demands are growing around execution quality, that overcomes the problem of different players having different curves when it comes to broken dates.

NCFX Bank365 delivers continuous, independently-validated forward pricing across all good business days across G10, emerging markets, frontier currencies, and NDFs. This helps price discovery, construction as well as the aforementioned execution analysis.

One of the challenges in automating FX swaps, as it is in options, is the basis risk that emerges from hedging to tenor “buckets” rather than exact. That will not change, given liquidity remains in the major buckets, but by providing a trusted price for every working date across the calendar, New Change is allowing risk managers and traders to better understand where those risks may be, and what it may be costing them.

This should lead to more targeted hedging in the market, which in turn provides the opportunity for capital efficient plays post-trade, which in turn also can help build liquidity across the curve. When we have that, we have the final piece of the puzzle that delivers a more automated FX swaps market.