This memorandum provides an empirical analysis conducted by the Staff of the Division of Risk, Strategy, and Financial Innovation (“Staff”) related to the potential effects of NYSE Arca, Inc. proposed rule changes to list and trade shares of the JPM XF Physical Copper Trust (“JPM Copper...

The question of how to price access to the copper network during the period of transition to fibre has attracted much attention, both from regulators and in reports prepared by consultants (notably Plum Consulting and WIK Consult) acting for different groups of operators. Our paper considers...