Money transfer companies, also commonly known as Foreign Exchange (FX) brokers, or currency dealers, started popping in the UK in the early-mid 1990’s as a result of widespread financial market deregulation and greater innovation of financial products and services. To this day, London remains the epicentre of the FX market in terms of volume traded, people employed and revenues generated. Specialised FX firms entered the market as an alternative to banks who had a monopoly on all transactions involving FX. Greater competition in financial services provided better prices for clients and more sophisticated financial instruments such as FX forwards, futures and options.