Monday, December 17, 2012

"SEC OKs Plan To Devastate Copper Market, Economy" (JPM)

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From DealBreaker:
Always looking to keep things interesting, the SEC has approved plans for an exchange-traded fund that will “wreak havoc on the U.S. and global economy.”*
JPMorgan Chase & Co. (JPM) won regulatory approval for the first U.S. exchange-traded fund backed by physical copper, which some industrial users said may disrupt the market.
The proposed rule change by NYSE Arca Inc. to list JPM XF Physical Copper Trust was approved, the regulator said in an order on its website dated Dec. 14. BlackRock Inc. (BLK) and ETF Securities Ltd. also have said they plan to start physically backed ETFs for industrial metals in the U.S.
The SEC dismissed worries that the ETFs would result in all available copper being scooped up and warehoused, pushing civilization back into the Stone Age....MORE
The World Cries Out for Industrial Metals ETF's, JPMorgan et al Hears Those Cries
Red Kite Wins Time In Fight Against JP Morgan Copper ETF