Tullett Prebon’s appointment of John Phizackerley as its new chief executive takes the former Nomura and Lehman Brothers banker into an industry that is distinct from the one in which he has built his career.

Phizackerley, known as 'Phiz' among friends and colleagues, has been rumoured as Terry Smith's successor at Tullett for a month or so, but the London-based interdealer broker confirmed today that he will take on the role from September 1.