Buyer announced for first-ever U.S. platinum ETF

ETF Securities says delivery of the 100,000 shares is scheduled for the end of the week

Posted: Tuesday , 05 Jan 2010

NEW YORK (Reuters) -

ETF Securities said that a financial firm has bought 100,000 shares of its proposed first-ever U.S. platinum exchange-traded fund (ETF) and delivery is scheduled by the end of the week.

The initial purchaser was Susquehanna Capital Group, which is also the lead market maker, ETF Securities USA said in a filing with the U.S. Securities and Exchange Commission on Dec. 31.

The purchase took place Dec. 30 with delivery expected about Jan. 8, according to the filing.

Susquehanna also bought 100,000 shares in ETF's U.S. palladium ETF, the filing said.

ETF Securities USA is wholly owned by London-based ETF Securities Ltd.

On Dec. 22, the SEC approved a proposed rule change to list and trade shares of the Platinum and Palladium Trusts proposed by London-based ETF Securities.

Analysts anticipated a rush of investment dollars into the platinum and palladium markets if the SEC gives its final nod.

Spokeswomen with ETF Securities and the SEC did not provide additional details.

A call to Susquehanna was not immediately answered. (Reporting by Frank Tang; Editing by Lisa Shumaker)