Briefs: Moves at the big business end of ANZ, margin lending picks up, BBSW probe now takes on all m
ANZ yesterday announced that Richard Yetsenga would become its acting chief economist, reporting to acting managing director markets Shayne Collins, following the resignation of Warren Hogan. Yetsenga, who joined ANZ in 2011, was most recently global head of financial markets research. The appointment is effective immediately. In separate news, AFR's Street Talk, citing "sources" reports that Giles Borten, global head of funds and insurance at ANZ Banking Group has left the bank, along with several other executives, including Subhas DeGamia and Sean Birchley. Jane Yuile will become executive director for institutional Australia and Isaac Rankin will be taking on a new role as GM services to natural resources, according to Street Talk. The margin lenders that financial planners most like to deal with are CommSec, Bendigo Bank's Leveraged Equities and NAB Equity Lending, according to an Investment Trends report. Investment Trends found that 42 per cent of planners recommend margin lending to their clients and about half of those intend to increase their use of margin lending across their client base in the coming year. Planners report an increase in the number of clients initiating discussions about the use of margin lending. The Australian Securities and Investments Commission is analysing telephone and email records along with trading data produced by CBA, NAB and Westpac, in an escalation of the ANZ rate rigging scandal, the AFR reports. Dozens of senior bank executives have faced compulsory interviews as the corporate regulator prepares to launch a secondary case, on the back of a federal court lawsuit against ANZ alleging it manipulated the bank bill swap rate, which influences interest rates across the economy. ANZ offered to pay more than $50 million to settle the case, but negotiations ended in a stalemate after the bank refused to admit liability. Financial services startup Credit Savvy has reached 100,000 users just shy of its first birthday. The online business allows Australian consumers free access to their Experian credit score, a summary of their credit file and "a marketplace of credit products". It also allows its users to track their credit score over time with free monthly score updates and alerts when changes are made to their credit file. Credit Savvy has signed up "over 30 financial institutions and counting", with over 600 credit products on its website site, setting itself to cash in on the increased adoption of a positive credit reporting regime. Australian Securities & Investments Commission chairman Greg Medcraft has called on market regulators around the world to "start thinking about" the challenges of blockchain, the techÂnology behind cyber-currency bitcoin. In an interview with The Australian, Medcraft said he had a "pragmatic view" of the potential of blockchain technology of the ¬financial system. "It does reduce transaction costs," he said. "The big challenge will be getting trust and confidence in terms of cyber resilience and security identity."