Inter-dealer broker Tullett Prebon reported a big drop in revenue in the four months to October on subdued market activity.
Revenue between July and October was £276m - 12% lower than reported for the same period last year.
At constant exchange rates, and excluding the acquisitions of Conveno and Chapdelaine, revenue was 15% lower.
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The firm said this reflected a particularly slow July and August period compared with the prior year.
Revenue between July and August, at constant exchange rates and excluding the acquisitions, was 19% lower than in the prior year.
Revenue in September and October, at constant exchange rates and excluding the acquisitions, was 10% lower than in the prior year.
This included the adverse effect of Hurricane Sandy on activity in North America in the last few days of the period.
In the year to date (January to October), Tullett said revenue of £731m was 5% lower than the same period last year.
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