All change

As foreign exchange trading becomes ever more efficient, brokers are finding themselves competing for hedge fund business

Growing interest in foreign exchange hedge funds, in part due to reforms in European tax and pension laws, has created increasing competition among prime brokers vying for business.

European banks have been playing catch-up with their US neighbours, where one currency and set of regulations has made it easier to set up and operate.

Many European banks were accused of failing to take advantage of the surge in hedge fund FX activity and of offering poor levels of operational efficiency and a lack