Stock broker Numis is the latest City firm to tell some of its European clients that it can no longer trade for them because of new restrictions, highlighting the hurdle for UK brokerages in the post-Brexit era. 

Lawyers and regulators have advised the firm that it cannot trade for European clients unless the UK has a bi-lateral agreement with that country, people familiar with the matter said. While the potential hit to earnings is expected to be small, one of the people said, it's a stark reminder that City brokerages have been negatively impacted by the delay in a Brexit financial services deal for the City. The company is still able to prepare and send research to EU clients.