Record Currency Management Limited (Record), a specialist currency manager, announced today that it has partnered with New Change FX, a provider of forex data and transaction cost analysis. The partnership will allow Record to give its clients further transparency and reduce their transaction costs.
New Change FX calculates an independent mid-rate which is regulated by the Financial Conduct Authority (FCA) which transactions can be measured against. According to the statement, the firm aims to separate forex trading from the measurement of forex costs. That is why the company doesn’t allow anyone to deal its own rate – it is only available for measurement.
Not only is Record a specialist currency manager it also provides currency hedging services for institutional clients. The company is most well known for managing currency hedging and currency for return for its clients. Record is regulated by the FCA and the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in the United States.
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Commenting on the partnership, James Wood-Collins, Chief Executive at Record said: “We are excited by the further opportunities presented by engaging with New Change FX. Cost efficiency and transparency are a fundamental part of Record’s service, and we are confident that this will only strengthen what we can offer our clients.”
Andy Woolmer, the CEO of New Change FX added: “We are delighted and honoured to be able to count one of the foremost names in foreign exchange amongst our clients. We are looking forward to helping Record to deliver further cost efficiency to their clients, and we hope to explore new product opportunities with Record in the future.”
New Change FX Authorized by the FCA and ESMA
New Change FX provides live mid-rates across 2,500 spot pairs and 8,500 different forward tenors. According to the company’s website, it is the only European Securities and Markets Authority (ESMA) registered, and FCA authorized administrator of live spot FX benchmarks.