Nomura consolidates equities execution

Nomura is consolidating its two equities trading platforms, the investment bank’s own and that of wholly owned affiliate Instinet. The expected outcome is a leaner, more competitive and more logically built brokerage – but with plenty of job losses at Nomura’s equities business throughout Asia and Europe, say clients and rival brokers. Without going into details, Instinet’s regional CEO, Glenn Lesko, acknowledges that the consolidated business will involve “more machines than pe…