In past years, banks would develop and market their own trading algorithms in an attempt to win more foreign exchange business from clients.

They’ve since discovered an easier method. Many now use somebody else’s trading algorithms, repackage them and label them as their own.

White-labelling, as it’s known, has become an increasingly common way for FX dealers to gain algo trading volumes quickly and cheaply. But a new variant of this technique is appearing. A handful of dealers are beginning