SEC rejects Southwire ETF complaint
Apr 10, 2013 | 05:12 PM
| Suzy Waite
NEW YORK There is no evidence that copper end-users "will not be able to obtain their desired brands of copper at their desired locations" as a result of a physical copper exchange-traded fund (ETF), according to the Securities and Exchange Commission (SEC).
"Copper will remain available to consumers and other participants in the physical copper market," the SEC said in a filing responding to Southwire Co.s claims that the agency ignored warnings over the impact of the ETF on lengthy London Metal Exchange warehouse queues.
The Carrollton, Ga.-based copper fabricator had complained to the SEC that it failed to consider evidence that a JPMorgan Chase & Co.-backed copper ETF would create a bidding war for copper among warehouses and consumers, according to documents filed in March in the U.S. Court of Appeals in Washington (amm.com, March 26).....
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