Chapter 130
London Spot Silver Futures
130100.

SCOPE OF CHAPTER
This chapter is limited in application to London Spot Silver futures. The procedures for trading,clearing, delivery and settlement not specifically covered herein or in Chapter 7 shall be governedby the general rules of the Exchange.
The provision of these rules shall apply to all silver bought or sold for future delivery on theExchange as London Spot Silver Futures.
The terms “seller” and “buyer” shall mean the seller of the physical product and the buyer of thephysical product, respectively. The seller’s Clearing Member and buyer’s Clearing Member may
utilize a designee to perform their respective and necessary obligations with regard to transferring
and accepting silver delivery. Notwithstanding the use of a designee, all Clearing Members willremain ultimately responsible for performance of all applicable contract terms specific to thesellers’ Clearing Members and buyers’ Clearing Members. Terms not specifically defined hereinshall be defined in Chapter 7.
For purposes of these rules, unless otherwise specified, times referred to herein shall refer to andindicate New York time.

130101.

CONTRACT SPECIFICATIONSThe silver for delivery on the futures contract shall be silver in ‘unallocated’ form held in an accountdenominated in silver operated by a member of London Precious Metals Clearing Limited. Suchsilver shall represent metal which meets or exceeds the standards of the London Bullion Market
Association within its Good Delivery Rules and Good Delivery Specifications for ‘Loco London’delivery.

130102.

TRADING SPECIFICATIONS
Trading in London Spot Silver futures is regularly conducted in contract days. Unless otherwise
determined by the Exchange, one contract day is made available for trading on any given tradingday. The contract day shall be referred to using the date of the delivery day trading day (or the last
trading day in the event that multiple contract days are made available for trading). Transactions in
respect of each contract day shall be for the delivery of silver on the delivery day.
130102.A. Trading Schedule
The hours for trading shall be determined by the Exchange.
130102.B. Trading Unit
The contract unit shall be five thousand (5,000) troy ounces of unallocated silver held in an
account denominated in silver operated by a member of London Precious Metals Clearing Limited.
130102.C. Price Increments
The minimum price fluctuation shall be $0.005 per troy ounce. Trades may also occur in multiples
of $0.001 per troy ounce for London Spot Silver Futures inter-commodity spreads. Prices shall bequoted in dollars and cents per troy ounce.
130102.D. Position Limits, Exemptions, Position Accountability and Reportable Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels, areset forth in the Position Limit, Position Accountability and Reportable Level Table in theInterpretations & Special Notices Section of Chapter 5.
A Person seeking an exemption from position limits for bona fide commercial purposes shall apply
to the Market Regulation Department on forms provided by the Exchange, and the MarketRegulation Department may grant qualified exemptions in its sole discretion.
Refer to Rule 559 for requirements concerning the aggregation of positions and allowable
exemptions from the specified position limits.
130102.E. Termination of Trading
The last trading day for a contract day shall be two London business days prior to the delivery day.
The Exchange shall ensure that contract days made available for trading shall be for delivery on aday that is a business day in both London and New York.
No trades in London Spot Silver futures shall be made after the end of the last trading day.
Any contracts remaining open after the last trade date must be settled by delivery which shall takeplace on the Delivery Day.
130102.F. Special Price Fluctuation LimitsAt the commencement of each trading day, the contract shall be subject to special fluctuation limits
as set forth in Rule 589 and in the Special Price Fluctuation Limits Table in the Interpretations &Special Notices Section of Chapter 5.

130103.

DELIVERY PROCEDURES
130103.A. Notice of Intention to Deliver
By the time prescribed by the Clearing House, Clearing Members having open short positions shallnotify the Clearing House of the following information: Clearing Members having open shortpositions (sellers) shall provide, in respect of each open position, in a manner prescribed by theClearing House, clearing member firm, trading member firm, origin (customer/house), quantity,contract day, and any other information required by the Clearing House.
Notices for intent to deliver must be submitted to the Clearing House no later than 10:00 a.m. on

the Exchange business day immediately following the last trading day.
130103.B. Notice of Intention to Accept
By the time prescribed by the Clearing House, Clearing Members having open long positions shallnotify the Clearing House of the following information: Clearing Members having open longpositions (buyers) shall provide, in respect of each open position, in a manner prescribed by theClearing House, clearing member firm, trading member firm, origin (customer/house), quantity,contract day, and any other information required by the Clearing House.
Notices for intent to accept must be submitted to the Clearing House no later than 10:00 a.m. on

the Exchange business day immediately following the last trading day.
130103.C. Delivery Day
Consistent with Rule 130102.E, the delivery day shall be two London business days following thelast trading day, unless such day is not also a banking day in New York, in which case the delivery
day shall be the next banking day in both London and New York.
130103.D. Invoicing and Payment(1) Clearing Members having open short positions (sellers) shall deliver silver to the account of theClearing House, by 2:30 p.m. London time on the delivery day. Sellers shall provide to the Clearing
House banking instructions for payment no later than the business day prior to the delivery day;(2) Clearing Members having open long positions (buyers) shall make delivery payment in USD
only. Buyers shall submit payment directly to a Clearing House designated account. These funds
shall be submitted no later than 10:00 a.m. on the delivery day. Buyers shall provide to theClearing House unallocated metal delivery instructions no later than the business day prior to thedelivery day.
(3) Subject to the notification of the Clearing House of account and the completion of the delivery
payment by the buyer, the Clearing House shall deliver silver to the account specified by thebuyer.
(4) Subject to the notification of the Clearing House of account information and the completion ofdelivery by the seller, the Clearing House shall transfer delivery payment to the seller.
If the Clearing House is unable to transfer silver or delivery payment as a result of circumstances
beyond its control, it will do so as soon as practicable after the condition of impossibility hasceased to exist.
130103.D. Amendments to Timings
The Exchange may amend the timings of notifications deliveries, and transfers under this Rule
130103. to reflect the adoption of daylight savings time in New York and London.
130103.E. Settlement Price
The settlement price on the contract day shall be the basis for delivery. The settlement price will beestablished at 1:25 p.m.