Southwire, Encore appeal SEC on copper ETF
Feb 13, 2013 | 11:13 AM
| Andrea Hotter
Tags
Southwire,
Encore,
copper,
ETF,
JPMorgan,
SEC,
Robert Bernstein,
Andrea Hotter
NEW YORK — U.S. copper fabricators Southwire Co. and Encore Wire Corp. are appealing a decision by the U.S. Securities and Exchange Commission (SEC) to allow a physical copper exchange-traded fund (ETF) sponsored by JPMorgan Chase & Co.
The two companies reiterated their belief in a filing at the U.S. Court of Appeals in Washington that the ETF would lead to an investor-financed squeeze for London Metal Exchange-grade copper in the United States (amm.com, Jan. 11).
The companies called the SEC’s decision to allow the ETF "arbitrary and capricious, an abuse of discretion, or otherwise not in accordance with the law or unsupported by substantial evidence."....
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