Trading Unit
One COMEX Division silver futures contract.
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
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 60-month options contract is added from the current calendar month 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 fourth business
day prior to the underlying futures delivery month. If the expiration day falls on a Friday or immediately prior to an Exchange
holiday, expiration will occur on the previous business day.
Exercise
of Options
Until one hour after the contract
market close, New York time, on any business day for which the options contract is listed for trading. On expiration day,
the buyer has until 4:30 PM, New York time, to exercise an options contract.
Strike Prices
10¢ ($0.10)
and 25¢ ($0.25) per ounce apart for strike prices less than or equal to $8.00; 25¢ ($0.25) per ounce apart for strike
prices greater than $8.00 and up to $15.00; and 50¢ ($0.50) per ounce apart for strike prices greater than $15.00 during
the first six nearby trading months.
For all other months up to two
years to expiration, increments are 25¢ ($0.25) per ounce apart for strike prices up to $8.00; 50¢ ($0.50) per ounce
apart for strike prices greater than $8.00 and up to $15.00; and $1.00 per ounce apart for strike prices greater than $15.00.
For months greater than two years to expiration, strike increments
will be $1.00.
Margin Requirements
Margins are required for open short options positions. The margin requirement for an options purchaser
will never exceed the premium paid.
Trading
Symbol
SO
