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Wednesday, December 26, 2012

SEC Delays Ruling on iShares Copper Fund

News summary by MFWire's editors

The SEC isn't giving BlackRock the go-ahead for its first copper ETF just yet.

A week after approving JPMorgan's [profile] copper ETF, the agency has delayed ruling on the proposed iShares copper ETF until February 22, according to Reuters. The SEC said that it needs more time to consider the issues around the fund, which some copper fabricators fear will affect the price and availability of the metal.

A lawyer for a consortium of copper fabricators told Reuters that they're considering whether to appeal the SEC's decision to grant JPMorgan approval for its fund.

The SEC may be looking more closely at the BlackRock fund because of its size. The firm plans to hold around $1 billion worth of copper as security against its shares, twice as much as the JPMorgan fund.  

Edited by: Chris Cumming

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