The decision by the biggest US bank to stop doing business with introducing brokers that steer hedge fund clients its way has sent hundreds of small funds scampering to find a new clearer. One of those out to win a slice of that work: China's biggest bank.

Introducing brokers, sometimes called mini-prime brokers, typically take on the day-to-day aspects of customer service for small hedge funds, while clearing banks such as JP Morgan handle the execution and settlement side of trades on behalf of the funds.