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Tuesday, April 23, 2013

A Manufacturer Attacks BlackRock's Next Product

News summary by MFWire's editors

A wire and cable manufacturer is fighting a proposed ETF in federal court.

Joe Richter of Bloomberg reports that on Thursday Carrollton, Georgia-based Southwire asked the U.S. Court of Appeals in Washington to examine the SEC's February decision to approve BlackRock's planned iShares [profile] copper ETF. Southwire fears the ETF will trigger "an investor-financed squeeze of the market.

The challenge may not come as a surprise to commodity fundsters. J.P. Morgan filed back in October 2010 to launch a similar ETF. The SEC delayed approving that product last summer, then again in the fall, before finally giving J.P. Morgan the go-ahead in December. And Southwire mounted a legal challenge to that ETF, too, in February. 

Edited by: Neil Anderson, Managing Editor

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