Cazenove, the UK stockbroker, has put plans for its flotation on hold indefinitely because of the extremely tough market conditions.

Originally Cazenove, corporate broker to more than half of the FTSE top companies, had hoped to float its shares either on London's Alternative Investment Market (AIM) or on the main market by the spring of this year. Early valuations suggested the broker would be worth about a £1bn (€1.5bn).