Chapter 112
SilverFutures
112100.

SCOPE OF CHAPTER
This chapter is limited in application to Silver futures. The procedures for trading, clearing,delivery and settlement not specifically covered herein or in Chapter 7 shall be governed by
the general rules of the Exchange.
The provisions of these rules shall apply to all silver bought or sold for future delivery on theExchange.
The terms “seller” and “buyer” shall mean the seller of the physical product and the buyerof the physical product, respectively. Terms not specifically defined herein shall be defined inChapter 7.
For purposes of these rules, unless otherwise specified, times referred to herein shall refer toand indicate New York time.

112101.

CONTRACT SPECIFICATIONS
The contract for delivery on futures contracts shall be five thousand (5,000) troy ounces ofsilver with a weight tolerance of 10% either higher or lower. Silver delivered under thiscontract shall assay to a minimum of 999 fineness and must be a brand approved by theExchange.
Silver meeting all of the following specifications shall be deliverable in satisfaction of futurescontract delivery obligations (eligible silver) under this rule:
1. Five (5) bars of refined silver cast in bars of one thousand (1,000) troy ounces, with aweighttolerance of 10% either higher or lower.
2. Silver must consist of one or more of the Exchange’s brand marks, as provided in
Chapter 7, current at the date of delivery of the contract.
3. Each bar of eligible silver must have the weight, fineness, bar number, month and year ofproduction (for bars produced as of January 1, 2025), and brand mark clearly incised on
the bar. The production date can be separate from or part of the serial number. If theproduction date is part of the serial number, it can be up to 25 characters and the only
special character allowed is a dash (-). If the production date is separate from the serial
number, it can be in the following allowable format: all numeric: MMYYYY or MMYY (e.g.,012025 or 0125).
The weight may be in troy ounces or grams. If the weight is in grams, it must be
converted to troy ounces for documentation purposes by dividing the weight in grams by
31.1035 and rounding to the nearest tenth of a troy ounce. All documentation must illustratethe weight in troy ounces.
Any bar of silver that does not have the bar weight stamped or incised on the bar by therefiner and not sourced from an LBMA approved weigher as detailed in 4. below, and which
is identified by a refiner's bar list without indicating or specifying the bar weight, but which isotherwise qualified for delivery on Exchange contract, may be put in tenderable condition forsuch delivery by the following procedures:(a) The silver must be weighed by an Exchange approved weighmaster.
(b) The weight of each bar and the identification stamp of the weighmaster must beincised with an appropriate tool which will create a permanent record on each bar.
(c) The weight so marked on each bar shall be to the nearest 1/10th of an ounce.
(d) The Exchange approved weighmaster shall prepare a certificate stating the procedures
which it has followed. Said weighmaster's certificate and bar list shall be maintained by
the Exchange approved depository that prepared the certificate or arranged for theweighing to be conducted by an Exchange approved weighmaster that is not also anExchange approved depository.
(e) For all eligible silver placed in a Depository prior to December 1, 2003, a separate bar
number incised with an appropriate tool will be acceptable in lieu of theidentificationstamp of the weighmaster.

4. Silver bars sourced from an LBMA approved weigher for silver are not required to havethe weight incised on the bar, but must be accompanied by a digital bar list in such form as
may be prescribed by the Exchange detailing the bar weight and created by such weigher.
Silver bars sourced from LBMA approved weighers and accompanied by a digital bar list, will
be recognized as proof of weight and used to determine eligibility. The Exchange approved
depository will not be required to reweigh the bars if they are sourced directly from an LBMA
approved weigher or from an Exchange approved depository and accompanied by a digitalbar list. Silver bars without weight stamps originally sourced from an LBMA approved
weigher must always be accompanied by the original digital bar list or a digital bar list createdby the Exchange approved depository referencing the original digital list sourced from anLBMA approved weigher in a format acceptable to the Exchange in order to be deliverable insatisfaction of futures contract delivery obligations under this rule. If the eligible unstamped
bars leave the Exchange approved depository network and are redelivered into an Exchange
approved depository, the Exchange approved depository is required to weigh the bars toconfirm the weight matches that on the accompanying digital list which would then prevail. Ifthe bar weight does not match that on the accompanying digital list, the Exchange approved
depository must weigh and stamp the bars in accordance with rules set forth in Chapter 112 –Silver Futures.

112102.

TRADING SPECIFICATIONSThe number of months open for trading at a given time shall be determined by the Exchange.
112102.A. Trading Schedule
The hours for trading shall be determined by the Exchange.
112102.B. Trading Unit
The contract unit shall be five thousand (5,000) troy ounces.
112102.C. Price Increments
The minimum price fluctuation shall be $0.005 per troy ounce for outright transactions and$0.001 per troy ounce for spread or straddle transactions and settlement. Prices shall bequoted in dollars and cents per troy ounce.
112102.D. Position Limits, Exemptions, Position Accountability and Reportable
Levels
The applicable position limits and/or accountability levels, in addition to the reportable levels,
are set 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 shallapply to the Market Regulation Department on forms provided by the Exchange, and theMarket Regulation 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.
112102.E. Termination of Trading
No trades in Silver futures deliverable in the current month shall be made after the third lastbusiness day of that month. Any contracts remaining open after the last trade date must beeither:(A) Settled by delivery which shall take place on any business day beginning on the firstbusiness day of the delivery month or any subsequent business day of the delivery
month,but no later than the last business day of the delivery month.
(B) Liquidated by means of a bona fide Exchange for Related Position (“EFRP”) pursuant
to Rule 538. An EFRP is permitted in an expired futures contract until 12:00 p.m. on thebusiness day following termination of trading in the expired futures contract. An EFRP
which establishes a futures position for either the buyer or the seller in an expired
futures contract shall not be permitted following the termination of trading of an expired
futures contract.
112102.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 theInterpretations & Special Notices Section of Chapter 5.

112103.-107.

[RESERVED]

112108.

VALIDITY OF DOCUMENTS
The Exchange makes no representation respecting the authenticity, validity or accuracy ofany document or instrument delivered pursuant to these rules.