Tullett Prebon, the interdealer broker led by City luminary Terry Smith, suffered a 15% fall in revenues for the four months to the end of October, but the performance has been described by some analysts as "more resilient than its peers".

The London-based broker this morning reported revenues of £276m in the four months to the end of October, 15% lower than the same period last year. Year-to-date revenues were 9% lower at £731m.