Instinet, the global agency brokerage wholly owned by Nomura, will become the electronic arm of the Nomura equities franchise, according to two sources familiar with the discussions, in an integration plan that could see Instinet effectively exit some markets.

The bank intends to push ahead with the plan - which will be implemented on a market-by-market basis - following last week's shake-up of the Instinet management which claimed the scalp of the firm's co-chief executive Anthony Abenante.