SILVER Silver Futures Contract Specifications The silver contract
specifications tell you how the silver futures trade, not how to trade to silver futures. Before you consider
opening a commodity futures account you should consult with a licensed commodities broker. The flexibility of futures
trading allows silver investors to experience profit or loss if the market goes up, down or sideways
SILVER FUTURES Trading Unit
5,000 troy ounces.
Price
Quotation
U.S. cents per troy ounce.
Trading
Hours (All times are New York time)
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.
Trading Months
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.
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.
Last Trading Day
Trading terminates at the close of business
on the third to 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 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 and Limits
Any one month/all months: 6,000 net futures equivalent, but not to exceed 1,500 in the spot month.
Margin Requirements
Margins are required for open futures positions.
Trading Symbol
SI
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