Terry Smith, the chief executive of Tullett Prebon, this morning reiterated the possibility of relocating the London-based broker overseas against a backdrop of tougher European rules on tax and pay.

Speaking to Financial News after the release of the broker's first half results, Smith said: "Yes, we would consider it. We do think about where the best place is to site our existing businesses or to set up new businesses over time, for example we set up a new risk management business in Singapore."