Tullett Prebon says regulation, tough markets hit revenues
LONDON May 9 (Reuters) - Broker Tullett Prebon said a slowdown in its revenues had continued into the first four months of this year as tough market conditions and regulatory changes hit demand to trade financial products.
The firm, which matches buyers and sellers of currencies, bonds and swaps, said revenues in the four months to April fell 4 percent over the past year to 293 million pounds ($456 million).
"As expected, market conditions have continued to be challenging," the firm said in the statement. It also said that regulatory changes and uncertainty over the impact of new rules for the over-the-counter derivatives markets had hit its customers' ability and willingness to trade.
In March the firm, which is headed by high-profile City figure Terry Smith, reported a drop of more than 15 percent in 2012 profits.