NYSE Says JPMorgan Units Will Have a Fire Wall on Copper ETF
JPMorgan Chase & Co. (JPM) will put a fire wall between its proposed exchange-traded fund backed by copper and its metals trading operations, according to a filing with the U.S. Securities and Exchange Commission.
The bank will prevent its units from accessing non-public information on the JPM XF Physical Copper Trust, NYSE Arca Inc. said in amendments, dated Nov. 30, to its proposal for the ETF filed with the SEC. NYSE Arca is the electronic platform of NYSE Euronext.
Copper consumers including Encore Wire Corp., AmRod Corp., Southwire Co. and hedge fund RK Capital LLC oppose the proposed ETF, saying it may make it more difficult for consumers to get the metal as it removes supplies from the market.
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