Tullett Prebon reported a 12% year-on-year drop in its broking revenues during January and February, as the impact of regulatory change took hold within fixed income trading.

Terry Smith, Tullet's chief executive, disclosed the broker's revenues this year in a 2013 results statement today. He said market conditions had "worsened over the course of 2013" and added that "it would be prudent to expect that market conditions will continue to be challenging".