This contract prices Silver 999 and is cash-settled.
Contract Details
Symbol SMSILVERCS
Grade/Quality 999 Fineness
Trading Unit 1000 troy ounces
Price Quotation Currency US Dollars to three decimal places (e.g. US$ 29.925)
Price Quotation Unit 1 troy ounce
Tick Size US$0.005 (US$5 per contract)
Trading Hours 1000 to 0225 (0125 during U.S. Daylight Saving Time) SGT Monday to Friday
Contract Months Mar, May, Jul, Sep and Dec. Five contracts shall be listed for trading at any time.
Last Trading Day Second to last Business Day of the month preceding the maturing contract month
Settlement Cash
Final Settlement Price The Exchange shall publish a Final Settlement Price which shall be equal to the New York futures settlement price of Silver for the same Contract Month on the Last Trading Day, multiplied by the Quotation Unit Conversion Rate
Quotation Unit Conversion Rate The Quotation Unit Conversion Rate shall be 1/100 or 0.01
Daily Price Limit None
Position Limits Customer level: 3500 contracts; 1500 contracts during the last three days of trading
Member level: Higher of 10500 contracts or 25% of the market-wide open position
Commodity Group Precious Metal
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Scope

The provisions herein shall apply to all SILVER Cash Futures Contracts transacted on the Exchange. Procedures for trading, clearing, settlement and any other matters not specifically covered herein shall be governed by SMX and SMXCC Rules.

Contract Symbol

SMSILVERCS

Contract Designation
SMSILVERCSDDMMMYYYY: where SMSILVERCS is the contract symbol and DDMMMYYYY refers to the Contract Month (e.g. July 2011 Contract = SMSILVERCS29JUN2011).
Grade/Quality
The SILVER Cash Futures Contract prices 999 fineness.
Contract Size
The traded quantity for the Contract shall be 1000 troy ounces.
Quotation Basis
All bids and offers to buy or sell SMX SILVER Cash Futures Contracts shall be quoted in US Dollars per troy ounce to three decimal places (e.g. $ 29.590).
Minimum Tick Size
The minimum tick size for all bids and offers to buy or sell SMX SILVER Cash Futures Contracts shall be half U.S. cent ($0.005) per troy ounce (equivalent to $5 per Contract).
Contract Months
Trading shall be conducted in each March, May, July, September and December. Five contracts shall be listed for trading at any time. A new contract shall be listed on the first Business Day following the Last Trading Day of an expiring Contract Month.
Trading Hours
The Trading Hours shall be 1000 to 0225 SGT (0125 SGT during U.S. Daylight Saving Time).
Trading Days
Trading shall be conducted Monday through Friday.
Last Trading Day
The Last Trading Day for SMX Silver Cash Futures Contracts shall be the second to last Business Day of the month preceding the maturing contract month, unless such day is a holiday in the United States, in which case the Last Trading Day will be the first preceding Business Day that is not a holiday in the United States.
Daily Price Range
There shall be no Daily Price Range (DPR) imposed on any bids or offers to buy or sell SMX SILVER Cash Futures Contracts.
Position Limits
The Customer level limit shall be not more than 3500 Contracts net long or net short in all Contract Months combined, unless a Customer has received a Position Limit Exemption as provided for and governed by SMX Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time. The Customer level limit shall also apply to each Broker Member, Trade Member and Remote Member Proprietary Account. Notwithstanding the forgoing, in no event shall a Customer, Broker Member Proprietary Account, Trade Member Proprietary Account or Remote Member Proprietary Account own or control more than 1500 Contracts net short or net long in the last three days of trading in the maturing Contract Month.

The Member level limit, being applied to each Broker Member’s and Remote Member’s combined Customer and Proprietary Accounts, shall be not more than the higher of 10500 Contracts net long or net short in all Contract Months combined or twenty-five percent (25%) of open interest in all Contract Months combined, unless Customer(s) of such Member or the Member itself has received a Position Limit Exemption as provide for and governed by SMX Notice 3004 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Daily Settlement Price
The Daily Settlement Price (DSP) shall be computed and published as provided for and governed by SMX Notice 3005 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.
Final Settlement Price
The Exchange shall publish a Final Settlement Price which shall be New York futures settlement price of Silver for the same Contract Month on the Last Trading Day, multiplied by the Quotation Unit Conversion Rate.
Quotation Unit Conversion Rate
The Quotation Unit Conversion Rate shall be 1/100 or 0.01.
Final Settlement
All remaining open positions at the end of trading on the Last Trading Day for the Contract Month shall be cash-settled at the Final Settlement Price.
Exchange for Physical (EFP)/Exchange for Swaps (EFS) Transactions
EFP and EFS transactions shall be allowed in a manner as specified in SMX Notice 3006 and any subsequent changes specified by the Exchange and/or Clearing Corporation in an amendment or new Notice as may be issued from time to time.

Introduction

  • A precious metal, silver has several physical properties that lend it to being widely used as an industrial commodity.
  • Silver is found in pure form as well as alloyed with other metals like gold and chlorargyrite.
  • A large amount of silver is produced as a by-product when copper, lead, zinc and gold are refined.

Demand

  • Close to 95 percent of the demand for silver comes from industrial uses, jewellery and silverware, and photography.
  • The use of silver in industrial uses has been growing steadily since 2001. China, India and the United States accounted for 70 percent of the growth seen in the last decade.
  • Trends in the silver jewellery sector have been mixed. India and China posted increases in jewellery demand in recent years.

Supply

  • The supply of silver includes “new” silver that is mined and supply from above-ground stocks.
  • Above-ground stocks or secondary sources of silver include coin melt, scrap recovery, and dishoarding from countries where export is restricted. The supply of silver from these secondary sources is price sensitive.
  • Silver can be mined from primary mines and as a by-product of gold mining.

Disclaimer: The information and contents (the 'Contents') are provided without warranties of any kind. SMX and/or its officers and employees do not warrant and hereby disclaim any warranty as to the accuracy, correctness, reliability, currentness, timeliness, non-infringement, title, merchantability or fitness for any particular purpose of the Contents. SMX and/or it officers and employees shall not be liable for any damage or loss of any kind, howsoever caused as a result (direct or indirect) of the use of the Contents, including but not limited to any damage or loss suffered as a result of reliance on the Contents. The Contents do not constitute professional advice or provision of any kind of services and should not be relied upon as such. SMX and/or its officers and employees do not make any recommendation and assume no responsibility towards any investments or trading in commodities or commodity futures done based on any information given in the Contents and any such investment or trade is subject to investment and commercial risks for which SMX and/or its officers and employees shall not be responsible. If financial, investment or any other professional advice is required, please seek the advice of competent professionals.

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