ETF impact on queues key, SEC told

摘要

Copper consumers opposed to the launch of physical exchange-traded funds (ETFs) have called on the U.S. Securities and Exchange Commission (SEC) to investigate the queues at London Metal Exchange-registered warehouses, citing New Orleans as the "most alarming" example of why the market might suffer if the products are launched. Metal backlogs at LME-list-ed warehouses are spreading due to lucrative incentives for metal to be put into storage, Robert Bernstein, a partner at New York law firm Eaton ft Van Winkle LLP, said in a letter to the SEC.