broking

He started and failed to finish university courses in journalism and business, then had more success with mortgage broking.

Nomura, a Japanese broking house, also pointed to growing "anecdotal evidence" of India emerging as a winner from "trade diversion and supply-chain shift in low and mid-tech manufacturing" particularly in sectors like electronics, textiles and toys.

Their sudden inflow will prove "very disruptive" to emerging economies in Asia, according to Japanese broking house Nomura, whose research earlier revealed that China was flooding global markets with cheap goods even before Donald Trump took office earlier this year.

Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice.

Referring to Morgan Stanley's plans to cut back its prime broking relationship with Odey Asset Management, he said: "That is a massively quick reaction to an allegation by the FT."