Tullett revenue hit by slowdown

A slowdown in trading activity caused quarterly revenues to dip at Tullett Prebon the world's second-biggest interdealer broker, as concerns over the global economy forced many investors to stay on the sidelines.

Tullett said that revenues for the four months from July to October had fallen three per cent from last year to £292m.

"Market activity in the period since the half year has been relatively subdued without any sustained periods of higher volatility," Tullett said in a statement.

Shares in both Tullett and larger rival ICAP, which publishes its own trading update next week, fell sharply on Thursday on expectations that the companies might suffer a slowdown in business.