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Silver Options Contract Specs

Options
Underlying Futures Silver Futures (SI)
Product Symbol SO
Venue CME Globex, CME ClearPort, Open Outcry (New York)
Hours
(All Times are New York Time/ET)
CME Globex: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
CME ClearPort: Sunday – Friday 6:00 p.m. – 5:15 p.m. (5:00 p.m. – 4:15 p.m. Chicago Time/CT) with a 45-minute break each day beginning at 5:15 p.m. (4:15 p.m. CT)
Open Outcry: Monday – Friday 8:25 a.m. – 1:25 p.m. (7:25 a.m. – 12:25 p.m. CT)
Contract Unit One COMEX Silver futures contract
Price Quotation U.S. cents per troy ounce.
Please note: Prices are disseminated in U.S. Dollars and Cents
Option Style American
Minimum Fluctuation $0.001 per troy ounce
Expiration of Trading Expiration occurs four business days prior to the end of the month preceding the option contract month. If the expiration day falls on a Friday or immediately prior to an Exchange holiday, expiration will occur on the previous business day.
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.
Strike Prices Forty (40) strike prices in $0.25 increments above and below the at-the-money strike price will be listed. If the underlying futures price is less than $10.00 per ounce, ten (10) strike prices in increments of $0.10 above or below the at-the-money strike price will be listed in addition to the $0.25 increment strikes.
Settlement Type Physical
Position Limits NYMEX Position Limits
Rulebook Chapter 116
Exchange Rule These contracts are listed with, and subject to, the rules and regulations of COMEX.

About Silver

Silver's dual role as both a precious metal for investment as well as an industrial metal for commercial use makes our silver futures and options contracts invaluable financial instruments worldwide. Affected by mine production, industrial demand, and the general health of the world economy, the price of silver can be volatile beyond what many consider acceptable risk. CME Group COMEX Silver Futures contracts serve as a global benchmark that provides market users with:

  • Liquidity, ease of access and unparalleled price transparency via a central point of price information;
  • Risk management, mitigation of counterparty credit risk and CFTC oversight.

Things to know about the contracts:

  • Include full (5,000-oz.) and miNY (2,500-oz.) silver contracts.
  • Available on the CME Globex electronic trading platform, on the trading floor in New York and for over-the-counter (OTC) clearing through CME ClearPort.
  • Trade a combined average daily volume of more than 57,000 contracts.
  • List for 60 months forward, enabling the establishment of a forward price curve.
  • Approved depositories for the storage of silver deliverable against COMEX Silver Futures contracts include Brinks Inc., HSBC, Bank USA, Manfra Tordella & Brookes Inc., Scotia-Mocatta, Delaware Depository Service Company and J.P. Morgan Chase.
  • Price may be managed separately from physical supply.

Read more about Silver Futures and Options