Bundy, who will relocate to London for this newly created position, has served as Instinet CTO since July 2005 where he was responsible for all of the firm's global technology development efforts.

Before joining Instinet Bundy worked for E*Trade Financial, where he was a senior manager overseeing the development and maintenance of the trading systems used by E*Trade Securities, E*Trade Capital Markets, and E*Trade Canada.

Prior to this Bundy held various technology research positions at Baylor College of Medicine, AT&T Bell Laboratories and NeoSoft.

Commenting on his new appointment, Bundy says: "I see Chi-X today as being in a similar position to Island's in the US in the late 1990s, with Chi-X and other such systems on the cusp of completely revolutionising the European equity markets through ultra fast, highly scalable technology."

Bundy will be succeeded by Christopher Rogers at Instinet. Rogers has been promoted to the CTO riole from his current position of chief software architect.

Rogers has worked on numerous software development projects since joining Instinet in August 2003 and most recently led the development of Instinet's new core trading back end and the migration to it of the firm's trading products, including Newport, Instinet Trading Portal and Instinet's suite of algorithms and crossing networks.

Prior to joining Instinet Rogers worked on the development of the MarketXT platform while at Tradescape Technologies and, before that, led the development of several other trading systems.

He has also held software development positions at UBS Warburg, Morgan Stanley and Mail.com.