It seems that the top trading execution services are being squeezed a bit. On the one hand they are facing competition from the little guys, the LiquidNets of the world, which have experienced heady growth by catering to the institutional need for speed and anonymity. On the other hand, sell-side firms are still powerful players and offer a lot of research. So it's no wonder that Instinet is basically being more tightly integrated by its new owner Nomura, which will likely see it as an internalization mechanism. In addition, Investment Technology Group is under pressure from hedge fund shareholder DE Shaw to sell. So you have to wonder what the future is for these guys. They need to offer more of what the buy-side wants. Perhaps they need more dark pool-like services.  

For more:
- here's a Financial News Online article