Tullett Prebon on Tuesday became the latest British inter-dealer broker to highlight growing interest in the Brazilian capital markets by saying it would buy Convenção Corretora de Valores e Câmbio, a leading Brazilian inter-dealer broker, for an initial cash payment of R$20m (£7.3m).

The increasing significance of Brazil for international investors has acted as a magnet on the world’s inter-dealer brokers – brokerages that specialise in trades between big market dealers rather than individuals, typically operating with large volumes at low margins.