Jean-Marc Bouhelier, Instinet's chief operating officer and chief executive of Instinet Europe, is leaving the company as it continues with redundancies in the wake of its consolidation with Island.

Bouhelier was promoted to chief executive of Europe earlier this year, replacing acting chief executive Les Brady, who left the company late last year. Bouhelier had been put in charge of Europe to try and gain market share for the electronic agency brokerage, which is 63% owned by Reuters.