SEC OKs Plan To Devastate Copper Market, Economy

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."*
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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.

JPMorgan Wins Approval for First U.S. Physical Copper ETF [Bloomberg]
SEC Backs J.P. Morgan's Plans for Physical Copper ETF [WSJ]
SEC approves JPMorgan copper ETF [FT]
Red Kite Warns Copper ETF Would 'Wreak Havoc' [FINalternatives]

*According to a hedge fund that may have a dog in this fight.

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Football? Yep. Oscars? OK. The VIX? Really?

I was scoring up the Super Bowl (small loss) when Ocean called. Ocean is a good customer. He had a couple questions, and I told him fire away. First he wanted to know if we were doing the Oscars again this year. Of course we are. I'm not thrilled about it –I'm half paranoid about inside information bubbling on the Internet, but I'm learning to embrace the inside mis-information. Most importantly, we do it as a service, so the customers won't start betting online with bookies in Costa Rica. Ocean was pleased. For what it's worth, he likes The Artist at very short odds. He watches rom-coms. With his wife, he says. His favourite movie though is Love Story, and he cries shamelessly every time he watches it: he truly believes that love means never having to say you're sorry. I've never figured that out. I'm forever apologizing to my wife for doing boneheaded things and saying stupid shit. And apologizing is a necessity But whatever. A happy customer is a beautiful thing. 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