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| Trading Unit |
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| 5,000 troy ounces. |
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| Price Quotation |
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| U.S. cents per troy ounce. |
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| Trading Hours (All times are New York time) |
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Open outcry trading is conducted from 8:25 AM until 1:25 PM.
Electronic trading is conducted via the CME Globex® trading platform from 6:00 PM Sundays through 5:15 PM Fridays, Eastern Time, with a 45-minute break each day between 5:15 PM and 6:00 PM. Off-Exchange transactions can be submitted solely for clearing to the NYMEX ClearPort® clearing website as an exchange of futures for swaps (EFS) or exchange of futures for physicals (EFP) transaction until 5:15 PM, Monday through Friday, and the day preceding a holiday. |
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| Trading Months |
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| Trading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month. |
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| Minimum Price Fluctuation |
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| 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. |
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| Last Trading Day |
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| Trading terminates at the close of business on the third to last business day of the maturing delivery month. |
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| Delivery |
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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.
Complete delivery rules and provisions are detailed in Chapter 112 of the Exchange Rulebook. |
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| Delivery Period |
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| 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. |
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| Exchange of Futures for Physicals (EFP) |
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| 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. |
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| Grade and Quality Specifications |
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| 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. |
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| Position Accountability Levels and Limits |
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| Any one month/all months: 6,000 net futures equivalent, but not to exceed 1,500 in the spot month. |
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| Margin Requirements |
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| Margins are required for open futures positions. |
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| Trading Symbol |
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| SI |
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