|
|
 |
| Trading Unit |
|
| 5,000 troy ounces. |
|
| Price Quotation |
|
| Cents per troy ounce. For example: 526.5¢ per
troy ounce. |
|
| Trading Hours |
|
Open outcry trading is conducted from 8:25 A.M.
until 1:25 P.M.
After-hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 P.M. on Mondays through
Thursdays and concluding at 8:00 A.M. the following day. On Sundays, the
session begins at 7:00 P.M. All times are New York time. |
|
| Trading Months |
|
| Trading is conducted for delivery during the
current calendar month, the next two calendar months, any January, March,
May, and September thereafter falling within a 23-month period, and any
July and December falling within a 60-month period beginning with the
current month. |
|
| Minimum Price Fluctuation |
|
| Price changes for outright transactions, including
EFPs, are in multiples of one-half cent (0.5¢ or $0.005) per troy ounce,
equivalent to $25.00 per contract. For straddle or spread transactions, as
well as the determination of settlement prices, the price changes are
registered in multiples of one-tenth of a cent (0.10¢ or $0.001) per troy
ounce, equivalent to $5.00 per contract. A fluctuation of one cent (1¢ or
$0.01) is equivalent to $50.00 per contract. |
|
| Maximum Daily Price Fluctuation |
|
| Initial price limit, based upon the preceding
day's settlement price, is $1.50. Two minutes after either of the two most
active months trades at the limit, trades in all months of futures and
options will cease for a 15-minute period. Trading will also cease if
either of the two active months is bid at the upper limit or offered at
the lower limit for two minutes without trading. Trading will not cease if
the limit is reached during the final 20 minutes of a day's trading. If
the limit is reached during the final half hour of trading, trading will
resume no later than 10 minutes before the normal closing time. When
trading resumes after a cessation of trading, the price limits will be
expanded by increments of 100%. |
|
| Last Trading Day |
|
| Trading terminates at the close of business on the
third last business day of the maturing delivery month. |
|
| Delivery |
|
| Silver delivered against the futures contract must
bear a serial number and identifying stamp of a refiner's officially
listed brand. Delivery must be must be made from a warehouse or vault
licensed or designated by the Exchange specifically for the storage of
silver. |
|
| Delivery Period |
|
| The first delivery day is the first business day
of the delivery month; the last delivery day is the last business day of
the delivery month. |
|
| Exchange Of Futures For, Or In
Connection With, Physicals (EFP) |
|
| The buyer or seller may exchange a futures
position for a physical position of equal quantity by submitting a notice
to the Exchange. EFPs may be used to either initiate or liquidate a
futures position. |
|
| Grade And Quality
Specifications |
|
| In fulfillment of each contract, the seller must
deliver 5,000 troy ounces (±6%) of refined silver, assaying not less than
.999 fineness, in cast bars weighing 1,000 or 1,100 troy ounces each and
bearing a serial number and identifying stamp of a refiner approved and
listed by the Exchange. A list of approved refiners and assayers is
available from the Exchange upon request. |
|
| Position Accountability Levels |
|
| Any one month/all months: 7,500 net futures
equivalent, but not to exceed 1,500 in the spot month. |
|
| Margin Requirements |
|
| Margins are required for open futures and short
options positions. The margin requirement for an options purchaser will
never exceed the premium paid. |
|
| Trading Symbol |
|
| SI |
|
|
|
| Trading Unit |
|
| One COMEX Division silver futures contract. |
|
| Price Quotation |
|
| Cents per troy ounce. For example: 526.5¢ per
troy ounce. |
|
| Trading Hours |
|
Open outcry trading is conducted from 8:25 A.M.
until 1:25 P.M.
After-hours futures trading is conducted via the NYMEX ACCESS®
internet-based trading platform beginning at 3:15 P.M. on Mondays through
Thursdays and concluding at 8:00 A.M. the following day. On Sundays, the
session begins at 7:00 P.M. All times are New York time. |
|
| Trading Months |
|
| The nearest five of the following contract months:
March, May, July, September, and December. Additional contract months –
January, February, April, June, August, October, and November – will be
listed for trading for a period of two months. A 24-month option is added
on a July/December cycle. |
|
| Minimum Price Fluctuation |
|
| Price changes for outright transactions, including
EFPs, are in multiples of one-half cent (0.5¢ or $0.005) per troy ounce,
equivalent to $25.00 per contract. For straddle or spread transactions, as
well as the determination of settlement prices, the price changes are
registered in multiples of one-tenth of a cent (0.10¢ or $0.001) per troy
ounce, equivalent to $5.00 per contract. A fluctuation of one cent (1¢ or
$0.01) is equivalent to $50.00 per contract. |
|
| Maximum Daily Price Fluctuation |
|
| No price limits. |
|
| Last Trading Day |
|
| Expiration occurs on the second Friday of the
month prior to the delivery month of the underlying futures contract.
Beginning with the December 2002 contract, options will expire on the
fourth to last business day of the month preceding the contract month. If
the expiration day falls on a Friday, or is immediately prior to an
Exchange holiday, expiration will occur on the prior business day. |
|
| Exercise Of Options |
|
| Until one hour after the contract market close,
New York time, on any business day for which the option is listed for
trading. On expiration day, the buyer has until 4:00 P.M., New York time,
to exercise an option. |
|
| Option Strike Price Intervals |
|
| Twenty-five cents (25¢ or $0.25) per ounce apart
for strike prices below $8.00, 50¢ ($0.50) per ounce apart for strike
prices between $8.00 and $15.00, and $1.00 per ounce apart for strike
prices above $15.00. |
|
| Delivery |
|
| Silver delivered against the futures contract must
bear a serial number and identifying stamp of a refiner's officially
listed brand. Delivery must be must be made from a warehouse or vault
licensed or designated by the Exchange specifically for the storage of
silver. |
|
| Delivery Period |
|
| The first delivery day is the first business day
of the delivery month; the last delivery day is the last business day of
the delivery month. |
|
| Grade And Quality
Specifications |
|
| In fulfillment of each contract, the seller must
deliver 5,000 troy ounces (±6%) of refined silver, assaying not less than
.999 fineness, in cast bars weighing 1,000 or 1,100 troy ounces each and
bearing a serial number and identifying stamp of a refiner approved and
listed by the Exchange. A list of approved refiners and assayers is
available from the Exchange upon request. |
|
| Position Accountability Levels |
|
| Any one month/all months: 7,500 net futures
equivalent, but not to exceed 1,500 in the spot month. |
|
| Margin Requirements |
|
| Margins are required for open futures and short
options positions. The margin requirement for an options purchaser will
never exceed the premium paid. |
|
| Trading Symbol |
|
| SO |
|
