Silver Futures and Options

The global benchmark COMEX Silver futures and options contracts are designed to help market participants harness the benefits of financial risk management tools and rein in risk to a level that works best for them.

Much like Gold futures and options, Silver futures and options are used extensively as a safe haven in times of financial uncertainty. Our suite of Silver contracts provides market participants with flexibility and choice in tailoring their risk management programs. Our silver products include Silver futures (5,000 oz) and options, 1,000 oz Silver futures, E-mini Silver futures, Silver Weekly options, Gold/Silver Ratio futures and London Spot Silver Futures contracts.

Benefits

  • COMEX Silver futures and options contracts are global benchmark products.
  • Deep liquidity around the clock for trade executions.
  • Contracts are listed for 60 months forward, enabling the establishment of a forward price curve. 

Market Participants

Market participants are provided with a central point of price discovery, price transparency and risk mitigation of counterparty credit risk. Market participants include producers, end-users, banks, hedge funds and CTAs, proprietary trading firms and active individual traders. 


Approved Storage Depositories

Approved depositories for the storage of silver deliverable against COMEX Silver futures contracts include:

  • Brinks Inc.
  • CNT Depository Inc.
  • Delaware Depository
  •  HSBC Bank USA
  • International Depository Services of Delaware
  • JP Morgan Chase Bank NA
  • Malca-Amit USA, LLC
  • Scotia Mocatta


Ease of Access

The Silver contracts are available to trade on CME Globex via CME Direct, CME Group’s free front-end trading platform for accessing CME Group markets. CME Globex operates as a Central Limit Order Book, or CLOB. Silver is also available for clearing on CME ClearPort for privately negotiated trades.

CME Globex

The CME Globex platform was the first - and remains among the fastest global electronic trading systems for futures and options. Through its advanced functionality, high reliability and global connectivity, it is now the world’s premier electronic marketplace for derivatives.

Learn more about CME Globex.

CME Direct

Delivered securely across the Internet, CME Direct is a highly configurable trading front end for CME Group markets that offers a complete suite of solutions across the trading lifecycle.

Learn more about CME Direct, CME Group’s free trading front end.

CME ClearPort

CME ClearPort is a comprehensive set of flexible clearing services for the over-the-counter (OTC) market. With OTC clearing through CME ClearPort, you can continue to negotiate your own prices privately and conduct business off exchange – but you gain increased security and efficiency.



Contract Specs

Contract Unit 5,000 troy ounces
Minimum Price Fluctuation Outright transactions: $0.005 per troy ounce. Straddle or spread transactions and settlement prices: $0.001 per troy ounce.
Price Quotation U.S. Cents per troy ounce
Please note: Prices are disseminated in U.S. Dollars and Cents
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code CME Globex: SI
CME ClearPort: SI
Clearing: SI
TAS: SIT
Listed Contracts Trading is conducted for delivery during the current calendar month; the next two calendar months; any January, March, May, and September falling within a 23-month period; and any July and December falling within a 60-month period beginning with the current month.
Settlement Procedures Silver Settlement Procedures
Termination Of Trading Trading terminates on the third last business day of the delivery month.
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 112
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Deliverable
Contract Unit One COMEX Silver futures contract
Minimum Price Fluctuation $0.001 per troy ounce
Price Quotation U.S. cents per troy ounce.
Please note: Prices are disseminated in U.S. Dollars and Cents
Trading Hours Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code CME Globex: SO
CME ClearPort: SO
Clearing: SO
Listed Contracts Trading is conducted in (a) the nearest five of the following contract months: March, May, July, September, and December and (b) the nearest January, February, April, June, August, October, and November such that a total of six consecutive calendar months from and including the current listed futures contract month are listed at all times and (c) any July and December during a 60 month period from and including the current listed contract month.
Termination Of Trading Trading terminates  4 business days prior to the end of the month preceding the option contract month at 1:25 p.m. (12:25 p.m. CT). If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 116
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Strike Price Listing Procedures Strike Price Listing Procedures Table
Exercise Style American
Settlement Method Deliverable
Underlying Silver Futures
Contract Unit 1,000 troy ounces
Minimum Price Fluctuation Outrights: $0.01 per troy ounce
Spreads: $0.005 per troy ounce
Settlement: $0.001 per troy ounce
Price Quotation Cents per troy ounce. Please note: Prices are disseminated in U.S. Dollars and Cents
Trading Hours CME Globex: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
CME ClearPort: Sunday - Friday 6:00 p.m. - 5:00 p.m. (5:00 p.m. - 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code CME Globex: SIL
CME ClearPort: SIL
Clearing: SIL
Listed Contracts Current calendar month; the next two calendar months; any January, March, May, July, September, and December falling within a 12-month period.
Settlement Procedures 1,000-oz. Silver Futures Settlement Procedures
Termination Of Trading Third last business day of the contract month
Exchange Rulebook COMEX 121
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Deliverable
Contract Unit 2,500 troy ounces
Minimum Price Fluctuation $0.0125 per troy ounce
Price Quotation U.S. cents per troy ounce
Trading Hours Sunday – Friday 6:00 p.m. – 5:00 p.m. (5:00 p.m. – 4:00 p.m. Chicago Time/CT) with a 60-minute break each day beginning at 5:00 p.m. (4:00 p.m. CT)
Product Code CME Globex: QI
Clearing: QI
Listed Contracts Trading is conducted in any January, March, May, July, September, and December contract month falling within the current 24-month period for which a 5,000 Troy Ounce Silver Futures contract is listed.
Settlement Procedures miNY Silver Settlement Procedures
Termination Of Trading Trading terminates on the third last business day of the month preceding the delivery month.
Position Limits NYMEX Position Limits
Exchange Rulebook COMEX 912
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Settlement Method Financially Settled