Terry Smith, the veteran chief executive of interdealer broker Tullett Prebon, saw his base pay and bonus fall by nearly 10% last year, a period which he has described as "challenging" for the industry.

Smith's base salary and bonus package fell 9.4% to around £2.9 million last year, down from around £3.2 million in 2012, according to the broker's annual report which was published today.