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Silver Futures and Options Trading
Silver has attracted man's interest for thousands of years. In ancient times, silver commodity deposits were plentiful on or near the earth's surface. Relics of ancient civilizations include jewelry, religious artifacts, and food vessels formed from the durable, malleable metal.
In 1792, silver assumed a key role in the United States monetary system when Congress based the currency on the silver dollar, and its fixed relationship to gold. Silver was used for the nation's coinage until its use was discontinued in 1965.
At the turn of the century, an even more important economic function was emerging for silver, that of an industrial raw material. Silver as a commodity has various industrial applications.
Today, silver is sought as a valuable and practical industrial commodity, and as an appealing investment. The largest industrial users of silver are the photographic, jewelry, and electronic industries.
As a precious metal, silver and silver futures contracts also play an important role in investment broker portfolios as an inflationary hedge.
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Silver Futures Commodity Contract Specifications
Specs
Futures: 5,000 troy ounces
Options: One COMEX Division silver futures contract
Trading Hours
Futures and Options: 8:25A.M. To 1:25P.M., New York time, for the open outcry session.
Trading Months
Futures: 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.
Options: 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. In addition, a 24-month option is added on a July - December cycle.
Price Quotation
Futures and Options: Dollars and cents per troy ounce.
Maximum Price Fluctuation
Futures: Price changes for outright transactions, including exchanges of futures for physical (EFP), are in multiples of one-half cent ($0.005) per troy ounce, equivalent to $25 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 ($0.001) per troy ounce equivalent to $5 per contract. A fluctuation of one cent ($0.01) is equivalent to $50 per contract.
Maximum Daily Price Fluctuation
Futures: Initial price limit of $1.50 above or below the preceding day's settlement price. Two minutes after either of the two most active months's trades at its limit, trades in all months and in silver 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. Trading will resume no later than 10 minutes before the normal closing time.
Options: No Price Limit.
Last Trading Day
Futures: At the close of business on the third last business of the maturing delivery month.
Options: Second Friday of the month prior to the delivery month of the underlying futures contract. Two-month options - second Friday of the calendar month which is two months after the month in which the option is listed.
Exercise of Options
Until 3:00P.M., New York time, on any business day for which the option is listed for trading. On expiration day, the buyer has until 4:00P.M., New York time, to exercise an option.
Option Strike Price Intervals
Twenty-five cents ($0.25) per ounce apart for strike prices below $8.00, $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 and Limits
Any one month/all months: 6,000 net futures equivalent, but not to exceed 1,500 in the spot month.
Trading Symbol
SI
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