Prime brokerage is one of those strange functions within the banking world that is in a constant state of flux. Each bank seems to describe it differently, include different functions within it, and attribute greater or lesser importance to it. As such, prime brokerage persistently defies definition and prime brokerage groups escape easy comparisons with their competitors.
Even against this backdrop, FX prime brokerage is a particularly tough conundrum. Although it is the lifeblood of many a leading FX franchise - and an increasingly important component of the prime brokerage offering - it is all but ignored in most discussions about prime brokerage, and by and large excluded by the most widely followed industry surveys. It is also little known in the wider marketplace.
