NEW YORK Market
participants opposed to the launch of physical copper
exchange-traded funds (ETFs) have been denied a request to
present their views orally to the U.S. Securities and Exchange
Commission, the SEC said.
With a decision imminent on
whether to approve the physical copper ETFs proposed by
subsidiaries of JPMorgan Chase & Co. and BlackRock Inc.,
both of New York, the SEC said that oral presentations of the
opponents views wouldnt help them in their
"The commission does not believe
that its determination of any issues relevant to its approval
or disapproval would be facilitated by the opportunity for an
oral presentation of views," deputy secretary Kevin
companiesincluding Southwire Co., Carrollton, Ga.; Encore
Wire Corp., McKinney, Texas; London-based Luvata UK Ltd.; and
AmRod Corp., Newark, N.J.; and metals-focused hedge fund RK
Capital Management LLC, Londonhave requested a meeting to
discuss the situation with the regulator several times.
They believe that the SECs
analysis of ETFs and their potential impact on the copper
market, published last month (
amm.com, Nov. 9), is fundamentally flawed, calling
it "simple, inaccurate and incomplete."
The SEC has set a deadline of
Dec. 14 to issue a decision on the JPMorgan ETF and Dec. 24 for
the BlackRock product.