Derivs - People and Markets

The Australian Treasury is looking to change the country’s main financial law to enhance its oversight of over-the-counter derivatives.

The tight regulatory regime imposed in China on structured products last year may be loosened soon.

A former member of Thomson Reuters’ team involved with the London interbank offered rate said the British Bankers’ Association, which sets Libor, was informed on a weekly basis in 2008 that the rate was being distorted.

Lloyds Banking Group says it has received subpoenas from U.K. regulators over its alleged involvement in the manipulation of the London interbank offered rate and the situation will be clarified in the next six months.

Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, said financial markets and not regulators will decide whether to replace the London interbank offered rate.

BlackRock, Fidelity Investments and Vanguard Group are considering whether to take legal action against the dozen banks that have been allegedly involved in the manipulation of the London interbank offered rate which may have hurt their clients.

Bank of America Merrill Lynch has tapped Marco Morelli as investment banking head for Italy.

The European Securities and Markets Authority has decided against enforcing a requirement to distinguish synthetic from physical UCITS exchange-traded funds following a consultation held earlier this year.

JPMorgan Chase has named Rayan Fayez as head of investment banking in Saudi Arabia. Fayez previously was head of investment banking and ceo at Goldman Sachs in the country.

Huntington Asset Advisors has debuted its US Equity Rotation Strategy ETF, its second actively managed exchange traded fund.

Piper Jaffray is closing its money-losing investment banking operations in Hong Kong in September.

Boston-based law firm Edwards Wildman has appointed Matthew McTygue as co-chair of its debt finance and capital markets group with James Rubens.