In past years, banks developed and marketed their own trading algorithms in an attempt to get more foreign exchange trades from clients.

They have since discovered an easier method. Many are now using someone else’s trading algorithms, repackaging them and branding them as their own.

White-labelling, as it is known, is becoming an increasingly common way for FX dealers to get algo trade volumes quickly and cheaply. But a new variant of this technique is emerging. A handful of dealers are starting