Lehman Brothers has extended its capacity for algorithmic trading by introducing its LMX Trading Strategies brand to India. The development and penetration of electronic trading systems in India, including direct market access, is probably the most exciting development in 2008 in the sphere of electronic trading in Asia.

Lehman has also announced simultaneously that Hong Kong shares can be traded via its Liquidity Cross dark pool system.

LehmanÆs India business is run by Tarun Jotwani. India came under the spotlight in LehmanÆs spring quarterly earnings announcement when the value of an investment in KSK Energy Ventures Limited, an Indian power company operating three power stations, was marked up from its $86 million purchase price a mere six weeks earlier to nearly $600 million. Analysts marvelled about the dizzying increase in value-added in such a brief time.

In other Lehman news this week, Richard Norris of the prime broking department is moving to Singapore where he will head Singapore sales and regional prime broking consultancy. In June, Norris competed in the Gobi March, a 150-mile race across the Gobi Desert, where he finished in a high position.

Last, but not least, Jasjit "Jesse" Bhattal, CEO of Lehman Brothers Asia-Pacific and the guiding light of Lehman Brothers Asia for the last decade, will shortly be returning to live in Hong Kong where he will continue in his current role. As head of investment banking he spent much of the 1990s in Hong Kong with Lehman, reporting to then Asia-Pacific chairman Dan Tyree, but has since been based in Tokyo. Lehman declined to comment on the reasons behind the relocation.