SEC approves JPMorgan copper ETF
Dec 17, 2012 | 09:29 AM
| Andrea Hotter
Tags
copper,
exchange-traded fund,
ETF,
JPMorgan Chase,
Securities and Exchange Commission,
SEC,
copper stocks,
LME
London Metal Exchange
NEW YORK — The U.S. Securities and Exchange Commission (SEC) has given JPMorgan Chase & Co. the go-ahead to list and trade shares in a physical copper exchange-traded fund (ETF) in a move that will come as a blow to a group of key copper consumers.
The trading and markets division of the SEC said it will allow the New York Stock Exchange to amend its rules to allow the proposed ETFs to be listed and traded on the exchange.
The SEC said it is approving the proposed rule change "on an accelerated basis."
"The commission agrees with (JPMorgan) that copper held by the ETF trust will remain available to consumers and other participants in the copper market," it said.....
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