If all is fair in love and war, the same could be said of the hiring techniques used by money brokers. They have a reputation for gloves-off combat and the industry is preparing for battle. Last month, Cantor Fitzgerald announced it was to hire hundreds of staff for BGC, its fixed-income voice broking spin-off.

Whether Cantor will be able to carry out its intention is open to question. Unlike investment banking, where notice periods can be as little as a month, brokerage houses often tie staff in with contracts of two years or more. While Barclays Capital has been able to hire 1,300 people in seven months, Cantor may be waiting for staff to join in two years.