The chief executive of City stockbroker Cenkos Securities has stepped down after just 14 months in the role following a slump in profits, as small brokers struggle under new EU trading rules.

Anthony Hotson, who was appointed to the top job at mid-cap broker Cenkos in August 2017, will step down at the end of October, according to a statement on Tuesday. He will remain with the firm until the end of 2018.