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In a continuation of its strategy to embed itself with asset managers, FXall has formed a partnership with Linedata Services. This will allow Linedata’s clients to access FXall through its LongView Trading order management system (OMS).

The Parker FX Index, made up of 70 investment funds, fell 0.73% in August. Just 28 managers reported positive results, while 42 incurred losses. On a risk-adjusted basis, the index was down 0.35% in August. Performance s ranged from a high of +16.55% to a low of -16.27%. Year-to-date, the index is up a paltry 1.58%. The top-three performing funds for the month on a reported basis, were: Trigon FX Program of New York, (+16.55%); the UBS O’Connor Currency and Rates Portfolio of London, (+9.43%) and the Richmond Group Global Currency Fund of Richmond (+6.42%). The top-three performers on a risk-adjusted basis were: Trigon FX Program (+6.59%); Capricorn FXG10 Strategy (+6.25%) and the Rhicon Strategic Fund (+5.18%).

Standard Chartered Bank has hired Lennart Augustsson from Credit Suisse in the newly created role of developer, modelling and analytics group, financial markets. The bank says this reflects its interest in expanding its functional programming practices.

Well-placed sources say Richard Gladwin, former global head of FX at Lehman Brothers, has joined Nomura. The Japanese house issued a press release this week announcing that it had hired 150 former Lehman staff to bolster its existing credit, interest rates and foreign exchange businesses. However, it was unable, at the time of writing, to provide any firm details about Gladwin. Martin Zinkin, who ran Lehman’s e-commerce offering is also believed to be making the move, together with several other staff. More details are expected later.

The US Federal Reserve is stepping beyond efforts to bolster and support short-term financial markets: it is replacing them.

A flight to safety by investors kept exchange-traded funds from bleeding assets during the month of September. While the $579.5 billion in ETF assets is a loss of about $2.9 billion for the month, according to the latest ETF Snapshot from State Street Global Advisors. The loss is modest compared to most equity indexes, which lost about 10%, said Tom Anderson, head of ETF strategy and research at SSGA.

The long-anticipated ISDA auction settlement of Lehman CDS trades took place October 10 amid heightened nervousness in the market about what the impact of the final settlement price will be. The key issue in the Lehman auction is the net open interest (buyers versus sellers) for the contracts – which initially shows US$4.92 billion to sell.

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One option presented by Euromoney last week as an alternative to Paulson's US bail out plan included using public money to recapitalise the banks directly by taking equity stakes. The Treasury secretary now seems to be warming to this idea.

The UK Government injecting equity capital (preference shares) into banks before they need to be nationalized outright in panic may signal that exit from the storm is in sight.

Meet Mr Pakistan