Jean-Marc Bouhelier has stepped down as chief operating officer of Instinet as the electronic trading network continues its consolidation in the wake of its merger with rival Island ECN
Bouhelier is the latest in a line of senior Instinet management to leave the company.
In a statement, the company says: "This management change is part of Instinet's ongoing effort to produce a more efficient corporate structure and consolidate management responsibilities."
The cutbacks mirror similar exectuive-level changes at Nasdaq, which is likewise suffering due to the equity market decline.
Bouhelier's duties at Instinet will be temporarily taken over by recently-installed chief executive officer Ed Nichol.
Bouhelier comments: "For me personally, it's time to move on to new challenges and opportunities."