Nasdaq OMX Group is seeking approval from the Securities and Exchange Commission (SEC) to list companies whose business is stockpiling commodities, The Wall Street Journal reports. The bourse has proposed rules that will allow investors, including listed companies to spend at least 85% of money raised from an IPO on buying commodities.
The stockpiling companies focus on lesser-known raw materials instead of well-known global commodities, such as oil and grains. The proposal, if approved by SEC, would make Nasdaq OMX Group the first securities exchange authorized to list companies whose business plan is simply to buy and hold commodities.
Click here for the story from The Wall Street Journal.