Metals exchange-traded commodities (ETCs) platform Elementum Metals said its nickel and copper products are facing capacity issues on subscription orders as it swaps its metal broker.
In a market announcement, the firm said the Elementum Physical Nickel ETC Securities and the Elementum Physical Copper ETC Securities, may encounter difficulties or delays executing subscription orders.
Timothy Harvey, founder and CEO of Elementum’s distributor NTree International, told ETF Stream the firm is replacing its old metal broker with two new brokers which are set to be green-lighted later this week
“NTree International is changing its metal broker relationships and as a consequence we may experience short-term capacity issues servicing subscriptions only,” Harvey said.
“Redemptions and secondary market trading are not affected. NTree thought it was prudent to notify the market of such.”
Harvey did not disclose the name of the new metal brokers.
Elementum Metals was established last year after a swift rebrand to “de-Russianise” the platform due to its links with Russian mining giant Norilsik Nickel.
Within three months of the Russian invasion of Ukraine in February last year, Norilsk’s asset management arm, Global Palladium Fund (GPF), agreed to pass authority and control of the 10-strong ETC platform to NTree International.
Speaking to ETF Stream at the time, Harvey said the steps were taken “because otherwise, the platform was going to shut down due to perceived Russian control”.