Agency broker Instinet, which is owned by the Japanese bank Nomura, has more than doubled its net profits to £2.27 million, according to its latest annual accounts, which were published ahead of a crucial period for the broking industry ahead of the looming overhaul of Europe’s trading rules.

Revenues at Instinet Global Services increased by 19.6% in the 12 months to March 31, 2015 to £31.7 million, driven by activity in its Instinet Europe subsidiary. The accounts were posted with Companies House on December 17.