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Maples and Calder advises Source on ETC launch

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The Dublin office of Maples and Calder has advised Source UK Services on the launch of its physical gold exchange-traded commodity platform on the Irish Stock Exchange and the SETS plat

The Dublin office of Maples and Calder has advised Source UK Services on the launch of its physical gold exchange-traded commodity platform on the Irish Stock Exchange and the SETS platform of the London Stock Exchange.

Source’s physical gold ETCs are cash return-based products issued by Source Physical Markets, an Irish company, linked to gold price fluctuations and collateralised by gold bullion.

The launch follows the recent introduction in April 2009 of USD90bn Treasury bill secured exchange-traded certificates and Ucits umbrella fund by Source, on which Maples Dublin office also advised.

Source is an open architecture platform created by Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley.

Nollaig Murphy (pictured), partner and head of the finance group at Maples, says: "We are delighted to have advised Source on another exciting and ground-breaking transaction. Source is at the forefront of innovation in the financial services sector and is the first to structure such a product in the Irish market. This again demonstrates Ireland’s flexibility as a structured product centre. We were delighted to advise Source from a legal, tax and listing perspective on this latest product offering."

Ted Hood, Source chief executive, adds: ‘Once again, we have been very impressed with the team at Maples. Through a combination of strong technical capability, rapid turn-around and commercial pragmatism, Maples have contributed significantly to the development and launch of our latest platform."

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